TfL and Pocket Living tie-up for cheap London homes

Aaron Morby 6 years ago
Share

Transport for London has struck a deal with affordable homes specialist Pocket Living to build out several sites.

Pocket homes are prioritised for people who already live or work in the local borough and are first time buyers.
Pocket homes are prioritised for people who already live or work in the local borough and are first time buyers.

Pocket Living will build around 125 one bedroom homes on TfL sites, which will then be sold outright to buyers at a discount from the open market value.

Pocket homes are targeted specifically at local singles and couples who earn too much to qualify for social housing, but are priced out of the open market.

They own 100 per cent of their property from day one. In the future when Pocket homes are sold on, new purchasers must meet the original criteria and have a household income below the Mayor of London’s affordable housing threshold.

Graeme Craig, Director of Commercial Development at TfL, said: “This partnership marks another important step in us assembling the most important development pipeline in London – building thousands of social rented and other genuinely affordable homes across the capital and generating hundreds of millions of pounds to reinvest in the transport network.”

Marc Vlessing, CEO Pocket Living, said: “Pocket has always been at the heart of innovative collaborations in the housing sector and we believe new thinking and working in partnership is crucial if we are serious about tackling the housing crisis.

“The Mayor and his team at the GLA and TfL have rightly identified affordable housing as a priority and recognised the need to speed up the supply of homes.”

The TfL partnership with Pocket Living is one of many announced in recent months, with plans in place to build more than 10,000 homes on its own portfolio across London.

In September, TfL announced a partnership with Apartments for London to create homes over car parks and other available sites on TfL land. AfL is a specialist residential developer seeking to utilise precision-manufactured modular construction.

TfL is currently looking for a partner to create a build to rent joint venture to help deliver homes on its land.

Together the sites have the potential to deliver in excess of 3,000 homes, with a minimum of 40 per cent affordable on all new planning consents.

Latest news

M&E sector leads rise in subcontractor tender activity

Tender activity grows in first quarter but concern about project delays remain
54 mins ago

Funding deal for Salford Michigan Tower job

Vermont Construction to build first 34-storey tower for developer X1
5 mins ago

Court fight continues for specialist hit by CCJ blunder

Screeding contractor still fighting bureaucracy seven months after incorrect filing
41 mins ago

Morgan Sindall bags £60m raft of NHS projects

Mid and South Essex NHS Trust plans six projects
17 hours ago

Peri buys shoring and temporary bridge specialist Mabey Hire

Scaffolding and formwork specialist expands offer
21 hours ago

Steel contractor Embrace targets £100m revenue

Growing structural steel specialist appoints COO
9 mins ago

Vinci/McAlpine go-ahead for £312m Midlands hospitals revamp

Shrewsbury and Telford Hospital NHS Trust gets full business case approval
1 day ago

Lendlease puts construction arm up for sale

After two decades of global expansion Lendlease retreats to Australia
2 days ago

Mount Anvil seals Isle of Dogs estate rebuild

Firm will build 300 new homes at East London's Tiller Road Estate
1 day ago

Northumbria Uni invites bids for £75m CHASE project

12-storey student block to be demolished for new Centre for Health and Social Equity
23 hours ago

Civils firm Akela appoints former Robertson director as MD

Framework expert Robert Ogg to lead growth at Scottish contractor
1 day ago

McLaren to build new Hertfordshire primary school

Contractor to prioritise local suppliers on High Leigh Garden Village site
23 hours ago

Developer picked for Stafford town centre regeneration

ION Developments will draw up detailed plans for mixed-use Eastgate scheme
1 day ago

Former Crossrail boss Mark Wild to lead HS2

Wild to bear down on spiralling costs and bring rejigged scheme in on time
3 days ago

Receivers in at £125m Manchester tower developer

Domis Construction walked away from scheme following doubts over funding
3 days ago

Costain A1 £260m dualling job finally gets go-ahead

Ministers sat on planning inspectors report for nearly three years
2 days ago

Election delays decision on Lower Thames Crossing

Planning decision on £1.2bn Luton airport expansion also pushed back six months
2 days ago

Caddick steps-in at former Lane End housing job

Contractor to restart phase of £262m scheme hit by administration
2 days ago

Plans in for Leeds iconic Tetley building revamp

Former brewing giant's HQ to become indoor market and offices
2 days ago

BAM wins first phase of North Devon hospital revamp

New staff accommodation to kick-off hospital redevelopment
2 days ago

McAlpine pulls out of £55m Carlisle Citadels project

University of Cumbria starts hunt for replacement contractor
7 days ago

Strabag UK suffers further big trading loss

Austrian contractor is gearing up for major presence in the UK market
6 days ago

Durham Uni picks UPP for £130m student scheme

Firm will deliver 1,000 self-catered bed spaces
6 days ago

Architects now upbeat after 10-months of work gloom

Larger practices see rising workloads in next three months
6 days ago

Motorist dies after collision with road paver

Police Scotland investigating fatal crash
7 days ago

McLaren Living appoints HG Construction for £69m scheme

Build to Rent scheme will transform former vacant car park site in Leeds city centre
7 days ago

Squibb liquidator probes £2m of “missing” plant

Machinery, cars and scrap metal have disappeared at demolition specialist
7 days ago

Galliford Try to re-enter affordable homes market

Contractor sets out new five-year plan to build margin to 4%
7 days ago

Former Sellar chief to lead civils contractor Kilnbridge

Owen Dannatt joins as new CEO as founder Dermot McDermott becomes Chairman
7 days ago

Hunt starts for nuclear fusion plant construction partner

Fusion energy plant to be built at West Burton coal power station site.
7 days ago

Contractor services