London Southwark over-station development impression

UK: Transport for London’s wholly owned commercial property company TTL Properties Ltd has selected Helical as its preferred investment partner for the development of ‘high-quality and sustainable’ office space above or close to Underground stations, starting with sites at Bank, Paddington and Southwark.

A 49:51 joint venture of TfL and Helical will purchase leasehold interests in the sites from TfL and establish individual property companies for each of the sites.

The sites will then be developed directly by the company, which is to be funded with equity and debt. Other properties and development opportunities may in the future be acquired by the joint venture, subject to feasibility and assessment.

The buildings will be constructed on the basis of Net Zero Carbon and the joint venture will collaborate with tenants to target a rating of BREEAM Outstanding and Platinum WELL v2 Core. There will also be a focus on active travel options.

‘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 the construction industry’, said Scott Anderson, Head of Property Development at TTL Properties, on February 15. ‘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.’

TfL is being advised by JLL, Newbridge Advisors and Herbert Smith Freehills. Helical is being advised by Knight Frank and Clifford Chance.