Transport for London (TfL) has started a search for a new joint venture partner to create a portfolio of three new commercial office developments at Bank, Paddington and Southwark.
TfL has traditionally tended towards leasing the sites above its stations to property developers who then buy the rights to build what they want, within the planning and structural constraints. TfL is now moving to a model where it retains a stake in the property development itself — and is now looking for a joint venture partner to work with on that.
Through the creation of the partnership, the joint venture company will agree to purchase leasehold interests in the sites from TfL and will then establish individual property companies that will be between 51-75% owned by the developer, with TfL owning between 25-49%. The sites will then be developed directly by the company, which is to be funded with equity and debt.
The three over-station developments included in the partnership are: