TfL searches for development partner on 1,500-home east London scheme

The proportions of the equity JV will be confirmed in “due course”, but it will see Places for London take a “smaller share” and the chosen partner becoming the majority stakeholder.

Affordable housing is “likely” to be a component of the scheme, Places for London said.

The property company was set up in 2022 to build 20,000 homes on TfL-owned land over the next decade, with London mayor Sadiq Khan insisting that half will be affordable.

The long-term aim is for the company to reduce TfL’s reliance on income from fares; all after-tax profits will be reinvested in the transport network.

The Limmo Peninsula site could potentially include commercial space, large areas of publicly accessible open space, a new cycle and pedestrian bridge, and a river walkway, the company said.

Places for London added that it was looking for the scheme to be “effectively car free”, given its existing public transport links, but with some blue badge parking spaces. The north part of the site is five minutes’ walk from Canning Town train and bus stations.

In addition to the Limmo Peninsula site, Places for London suggested that the JV could be extended to develop other sites across east London.

Ben Tate, head of property development at Places for London, said: “With the ability to build up to 1,500 new homes, including affordable housing, alongside a range of other improvements, this is a unique opportunity for a partner to help us transform this site into a sustainable development that will benefit the local community.

“This partnership will form part of our wider programme, which seeks to build the homes and commercial spaces the city needs, while also generating vital revenue that can then be reinvested into the transport network.”

Inside Housing spoke to TfL one year after it set up its property company about how it is battling inflation, construction costs and ministers to meet its ambitious targets.