TfL seeks partner for trio of over-station office schemes

Transport for London is looking for a joint venture partner to help it bring forward three office-led schemes above Bank, Paddington and Southwark stations. The three sites combined will result in a portfolio of nearly 600,000 sq ft of office and retail space, for which TfL wants a partner to take a majority shareholding in. TfL said it would take a share of between 25% and 49% of the jv. The largest of the three sites will be at Paddington Triangle, located above the railway station by Grand Union Canal, where a 19-storey building with 235,000 sq ft of office and retail space is planned. [caption id="attachment_1137153" align="aligncenter" width="847"] Paddington over-station development. © Grimshaw Architects[/caption] In Southwark, TfL is looking to build a 17-storey hybrid timber building over Southwark Tube station, with 220,000 sq ft of office and retail space. [caption id="attachment_1137154" align="aligncenter" width="847"] Southwark over-station development. © Hayes Davidson[/caption] And in Bank, a development above the new Tube station entrance at Cannon Street would provide around 140,000 sq ft across eight floors. [caption id="attachment_1137155" align="aligncenter" width="847"] Bank over-station development. © Miller Harejpg[/caption] The transport body hopes the jv company will buy leasehold interests in the sites from TfL and then establish individual companies for each location. They will then be developed directly by the company, which will be funded with equity and debt. The move is part of a drive to diversify TfL’s revenue stream, after plummeting passenger numbers and fare income during the pandemic forced the organisation to seek bailouts from central government. Scott Anderson, head of property development at TfL, said: “We are delighted to be going to the property industry with this exciting opportunity and are looking for a partner to create best-in-class commercial office workspaces that will positively transform the capital and support its green recovery. “This new investment and development partnership will form part of our wider commercial development programme, which seeks to build the homes and commercial spaces the city needs, while also generating vital revenue that reduces TfL’s reliance on fares income.” JLL is acting for TfL. To send feedback, e-mail alex.daniel@eg.co.uk or tweet @alexmdaniel or @EGPropertyNews