In a joint venture with six high profile developers, including Land Securities, London Underground is set to transform at least 50 high profile sites in London. It is moving away from asset disposal to asset development with the aim of making TfL self sufficient by unlocking property revenue from non railway fare sources. End use will vary between sites which will comprise retail, commercial and residential. The iconic art deco HQ at 55 Broadway is set to be transformed into luxury flats. The location, quantity and quality of sites under development will no doubt generate a large amount of investor interest.
Some of London Underground’s richest property assets are to be part-privatised in a deal with developers to bring in long-term revenues outside of fares. Foremost among them are the towering art deco headquarters of London Underground above St James’s Park Tube station, whose wood-panelled interiors are to be turned into 90 upmarket apartments, and South Kensington Tube station, which is to be remodelled as a mixed development.