How Transport for London plans to build 20,000 new homes
Graeme Craig is poring over plans for one of London’s biggest new housing developments. The models show a mix of low and high rise buildings, 4,500 homes, alongside cultural venues and parks, which will rise from the rubble of the now demolished Earls Court exhibition centre.
Craig runs Transport for London’s property arm – he was appointed its first commercial director more than a decade ago. TfL’s day job is running the capital’s bus and underground network, but it has held on to its land, and 22 years after its creation it remains the third biggest landowner in the capital, after the emirate of Qatar and the mayor of London. It could soon be one of its biggest housing developers too.
Over the next decade, Craig has drawn up plans to build more than 20,000 homes, with 1,650 already under construction.
“We hope to be building homes for decades to come,” he says. “I’d be surprised and disappointed if we weren’t the most impactful developer [in the capital].”
The largest development is Earl’s Court, where construction is expected to start in 2025 and take 15 years, with plans to create up to 15,000 jobs. The vision of the Earls Court Development Company, set up by TfL and Delancey, is “to bring the wonder back” to a once iconic music and events venue. But it is a vision that has been delayed and revised, and details are scarce at this stage. The developers went back to the drawing board after protests over plans to demolish two council estates, which have since been handed back to Hammersmith and Fulham council. The new masterplan is expected to be submitted by October 2023.
TfL’s property arm owns 2,226 hectares (5,500 acres) of land across London, 1.5% of the area of London. The portfolio is valued at £1.7bn, comprised of
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