Transport for London, the operator of the city’s subway network, will look for joint-venture partners to develop 40 land plots including bus stations as it seeks to fund additional infrastructure.
TfL’s 61 parking lots also offer building opportunities, commercial development director Graeme Craig said at a briefing on Wednesday in London.
The London Underground manager is teaming up with developers as it tries to generate long-term income from building on its land and leasing the completed properties. The subway manager received more than 50 applications in March from venture partners interested in developing as much as 10 million square feet of offices, homes and other properties in the first phase of its building program.
The bus stations and other land plots will form the second phase, Craig said. Some of the sites held by TfL may be suitable for multifamily housing, he said.
TfL owns about 5,700 acres of land across London including plots attached to railways, highways and underground stations. It plans to raise 1.1 billion pounds from property developments over the next 10 years.