Transport for London has picked Triangle London Developments – a JV between of regeneration specialist developer U&I and the housing association Notting Hill – to deliver a 1.8 acre site near Borough Market and London Bridge.
The Landmark Court scheme is the second TfL site to be allocated a property partner under the current Mayor of London, after a 400-unit project in Kidbrooke in South-East London also went to Triangle.
The site, which has frontages frontages on Southwark Street, Redcross Way and Union Street, is currently being used as a car park; plans, if approved, will deliver 80 new homes alongside c.130,000 square feet of commercial and retail space. At least 35% of the resi units will be affordable; TfL is aiming to deliver a 50% affordable ratio across its development programme. Works on Landmark Court are likely to start in 2019, and completion is slated for 2022.
TfL is one of London’s biggest landowners, holding c.5,700 acres across c.3,000 sites. It plans to build more than 10,000 new homes on its “surplus” land. This development drive is intended to generate around £850m (much of it from rental income) for London’s transport system over the next five years, which, if it all works out, will replace the planned loss of about £700m in government subsidies by 2020.
Last year TfL announced 13 housebuilding partners as eligible bidders for its property development programme. Two other sites – in Waltham Forest and South Kensington – are being allocated property partners at time of writing, and a fifth site, at Fenwick South, is due to be developer by TfL itself.
Graeme Craig, Director of Commercial Development at TfL: “We are working with some of the best organisations across London to bring forward a portfolio of sites that will help to create the homes, jobs and work spaces London needs for the future.
“We look forward to establishing a long-term, joint venture partnership with Triangle London Developments to contribute to the Bankside neighbourhood, which has been known for centuries as a hotbed for London’s creativity and independent businesses.
“The development at Landmark Court will also provide vital revenue to invest in London’s transport network.”
Richard Upton, Deputy Chief Executive at U+I: “We are privileged to have been selected to regenerate Landmark Court. This is an important site for the neighbourhood and an important site for London, steeped in history and at the heart of our ever-changing city.
“There is huge opportunity to create something very special here that really adds to and compliments the fabric of the neighbourhood.
“We are looking forward to working with the local community and Southwark Council to bring forward plans that celebrate the identity of this place, respects the history of the site, and creates a vibrant future.”
Images courtesy of TfL