The Transport for London has plans to transform up to 50 of its 437 stations into London office space and homes.
Plans include developments ranging from shopping centres, which make use of the parking availability attached with the land, to luxury housing within Central London, according to the Financial Times.
Mayor of London, Boris Johnson, explains that the redevelopment plans will enable the Transport for London to limit the increase in travel fares without being reliant upon cash from taxpayers, alongside the creation of new office space and housing for Londoners.
Rumoured development sites include Northwood and South Kensington underground stations, as well as Hammersmith and Vauxhall bus stations, with property developers to be selected by November of this year. Each of these sites is to be allocated up to six property developers.
The FT adds that the move “marks a shift from the Transport of London’s previous strategy of selling off land” with the hope to generate more revenue on an ongoing basis.
The Transport for London are hopeful that this development of commercial activities over the next 10 years, will raise £3.4 billion, with a third of this is estimated to come from property development.
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