Transport for London has begun the search for a private partner to help deliver 3,000 build-to-rent homes.
The venture will see TfL become a major landlord in the capital, with the rail body stating that the sites “have the potential to deliver in excess of 3,000 homes, with a minimum of 40 per cent affordable on all new planning consents”.
TfL said the build-to-rent approach will deliver the homes faster than self-delivery, and that it would retain a long-term interest in developments built on its property estate.
The body said the sites would play a major role in unlocking development and regeneration by opening up new spaces, creating jobs and stimulating economic growth.
TfL has plans to build more than 10,000 homes on its own portfolio across London, and said that half of all homes it had brought forward since May 2016 had been affordable.
Director of commercial development Graeme Craig (pictured) said: “Making this significant move into the build-to-rent sector has huge benefits for TfL and London as a whole.
“We want to help meet London’s critical need by building thousands of homes at pace, including high levels of affordable homes.
“We also want to create a legacy of high-quality homes across London that will create sustainable long-term revenue for TfL.
“Build-to-rent allows us to achieve both these aims – and we will be looking for a partner who shares our ambition to create the most important property portfolio in London.”
Potential sites are currently being brought to market through a number of different routes, including TfL’s Property Partnership Framework, the GLA’s London Development Panel, in partnership with neighbouring landowners, and through the GLA’s Small sites, small builders programme.