Transport for London’s property development arm Places for London is looking for a joint venture partner for a ‘car-free’ scheme to deliver 1,500 new homes at the Limmo Peninsula near Canning Town.
The five-hectare Docklands site was previously used by TfL for work on the Elizabeth Line, but is now set to become a new residential development. Places for London, which exists to develop land owned by TfL, often around its stations, will hold a minority stake in any joint venture, with the winner of a newly opened tender process being the majority stakeholder.
The new development is expected to feature affordable housing, and Places for London has an “ambition” for 50% of homes at its developments on average to be affordable, but the percentage of affordable homes planned for Limmo Peninsula was not provided.
Places for London said the site could also include commercial space, “large areas of publicly accessible open space” and a pedestrian bridge over Bow Creek. The organisation added that the development should be “effectively car-free”, with the exception of some blue badge parking spaces.
The joint venture partner may also have the opportunity to develop other sites across east London.
Ben Tate, head of property development at Places for London, said: “We are excited to be searching for a joint venture partner to help us deliver a residential-led scheme at Limmo Peninsula in the heart of east London. 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.”
Operating profits from Places for London are returned to TfL as a dividend to help pay for upgrades to London’s transport network.
