Land assets maximising investment and economic growth in capital

06 March 2012

The Mayor of London, Boris Johnson, has today published his final vision for the next major area for development in central London as part of his drive to attract investment into the capital to create jobs, prosperity and growth

The Mayor’s new planning framework confirms that the area covering Vauxhall, Nine Elms and Battersea will be transformed into a brand new district for the capital, with potential for 16,000 new homes and up to 25,000 new jobs. Crucially the extension of the Northern Line to Battersea, a commitment secured in the Chancellor’s 2011 Autumn Statement, can now be funded via a levy on developments approved through the planning system expected to raise more than £500m towards its construction.

This comes as the Mayor has put Beam Park, one of the largest brownfield sites in east London, on the market for redevelopment. Currently owned by the Mayor's London Development Agency the 70 acre site, formerly part of the Ford Motor company, has enormous potential to regenerate this part of the city. The Mayor is working with the London Boroughs of Barking & Dagenham and Havering to ensure that Beam Park's full potential is realised and that new job creation is maximised through its development.

The Mayor of London Boris Johnson said:

“These two prime locations have the potential for great returns for investors as well as supporting thousands of jobs and driving growth across the capital.

“We have already seen how major investment in our infrastructure from the 2012 Games has transformed east London and is already attracting great interest from investors from around the world. There is every reason to believe that we can replicate that level of success on both the Vauxhall, Nine Elms and Battersea and Beam Park sites.”

This Mayor’s Chief of Staff Sir Edward Lister is in Cannes this week representing the Mayor at the annual international property conference MIPIM, where he will be meeting leading developers from around the world to discuss the huge investment opportunities the capital has to offer.

Notes to editors

1. The Vauxhall, Nine Elms and Battersea Opportunities Area planning Framework can be viewed at https://www.yousendit.com/download/M3BuS3d1d0FnYU5ESjlVag

2. Over the next two decades and beyond, nearly 200 hectares of derelict and under used land in the Nine Elms area, stretching from Vauxhall to Battersea Power Station, will be regenerated into new communities, with green open spaces. New proposed transport links include a pedestrian and cycle bridge linking Nine Elms to Pimlico across the river and an extension to the Northern Line.

3. The plans are published in a new planning framework for Nine Elms which also proposes:

 permitting tall buildings on the site where they are appropriate and do not compromise the setting of the Palace of Westminster

 a new park for residents accommodating a range of uses including allotments linking to the food economy at New Covent Garden

 new pedestrian and cycle networks

 better designed homes and communities bringing relief to an area suffering from multiple levels of deprivation

 a decentralised energy network connecting to other existing and planned district heating networks at Pimlico, Whitehall and Westminster

4. Beam Park steering group, chaired by Deputy Chairman of Transport for London Daniel Moylan and including representatives from the LDA, Greater London Authority, Design for London, TfL, and the London Boroughs of Barking & Dagenham and Havering, will publish their proposed prospectus on development in Beam Park in coming weeks.

5. Interest in Beam Park should be directed to Michael Burdus at Drivers Jonas Deloitte on +44 (0)207 303 3449 or email: [email protected]