Partnership would deliver up to 1,500 new homes at the Limmo Peninsula in Newham, with the potential for other sites to be added in the future
- Scheme will also look to include new public open space, improve connectivity to the river, encourage sustainable travel and provide much-needed affordable housing
- Development will be part of Places for London's wider programme to bring forward 20,000 homes and generate vital revenue to support investment in the capital's transport network
Places for London - Transport for London's (TfL) wholly owned commercial property company - has announced that it is searching for a new joint venture development partner to work with in east London.
The new partnership will jointly bring forward a development scheme at the Limmo Peninsula in Newham, utilising Places for London's existing estate, with the potential for other sites to be added in the future.
The Limmo Peninsula site covers around 5 hectares of land, with 600m of river frontage, and sits within the Royal Docks and Beckton Riverside Opportunity Area. Previously used as a work site for the Elizabeth line, the area now has the potential to deliver up to 1,500 new homes, including affordable housing, alongside a range of improvements for the local community as well as new residents.
The site could potentially include commercial space which would support the local economy, large areas of publicly accessible open space, and enhancements to the connectivity of the area, such as a new cycle and pedestrian bridge and a new river walkway.
Sustainability will also feature at the heart of any future designs, with the scheme looking to be effectively car-free, but with some blue badge parking spaces. These potential enhancements would complement the site's existing public transport connections. Future residents would also be encouraged to travel sustainably, given that the north part of the site is less than five minutes' walk away from Canning Town station, with customers able to access both the Jubilee line and DLR, as well as Canning Town bus station.
In addition to the site at Limmo Peninsula, the joint venture partnership will also have the opportunity to potentially develop other sites across east London, helping to deliver thousands of new and much needed homes with close access to public transport.
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."
The launch of this tender forms part of Places for London's wider plans to help solve some of the capital's biggest challenges and meet its wider needs, including building new affordable housing, delivering new workspaces, and becoming more sustainable. Places for London has an ambition to deliver 50 per cent affordable housing on average across its developments.
Places for London Ltd became financially independent of TfL in April 2022, taking forward TfL's commercial property activity without diverting any funding from transport. Operating profits from recurring revenues are returned to TfL as a dividend to reinvest into the transport network, helping to reduce its reliance on fares revenue.
Organisations interested in the opportunity are directed to the Contract Notice: https://www.find-tender.service.gov.uk/Notice/003170-2024 and advised to register as a supplier on TfL's e-tendering Portal https://service.ariba.com/Supplier.aw.
Notes to Editor
- The proportions of the equity joint venture will be confirmed in due course, but will see Places for London take a smaller share with the selected partner becoming the majority stakeholder.
- The site is being offered to the market as part of a joint venture partnership on a long leasehold basis.
- Further potential sites which the joint venture partnership could support across east London will be assessed on a case-by-case basis and decided upon in the future.
- The site is likely to include a range of different housing tenures, including affordable housing.