Transport for London’s wholly owned commercial property company TTL Properties (TTLP) has chosen UK-based property investment and development company Helical as the preferred commercial office portfolio joint venture (JV) partner to develop sites above three central London Underground stations.
In the JV with TTLP, Helical will have a 51% stake, reported Construction Enquirer.
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This partnership will advance proposals for commercial over-station projects at Paddington, Bank, and Southwark.
All three sites have received complete planning approvals to deliver sustainable commercial office space.
From Transport for London, the JV firm will buy leasehold interests in the sites and set up individual property companies for each of the sites.
Later, these sites will be developed by the individual company, which will be funded with equity and debt.
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By GlobalDataThe Bank over-station project will be located above the new station entrance on Cannon Street. It will be an eight-storey scheme along with a basement, providing both office and retail space. Commencement of work on the site is envisaged in 2024.
Located by Grand Union Canal and close to the new Elizabeth line station at Paddington, the Paddington over-station scheme will be a 19-storey building that will deliver new office and retail space measuring around 235,000ft². Commencement of work on the site is anticipated in 2026.
The Southwark over-station development will be situated above Southwark Tube station on the Jubilee line. Envisaged to become one of the greenest commercial buildings in the UK, this 17-storey hybrid timber building will feature a mix of office and retail space. Construction of this project is expected to commence in 2025.
The joint venture firm may acquire other properties and development opportunities in the future.
TTLP property development head Scott Anderson said: “This new joint venture complements our wider commercial development programme, which will see us deliver thousands of new and affordable homes in London, develop our estate to support small businesses, and train the next generation entering construction.
“This partnership will also help deliver operational benefits and generate vital additional revenue, which can be reinvested into the transport network and help fund a safe, green, and reliable public transport network.”
Helical property director Matthew Bonning Snook said: “The intention is to deliver around 600,000ft² of much needed sustainable, best-in-class office space incorporating smart technology, high-quality amenities with a focus on occupier wellbeing and adopting modern methods of construction in their delivery.”
TTLP now has more than 2,000 residences that are either finished or under construction, and this count will double in the coming two months as work commences on more of its sites.
