Property Asset Strategy – a summary

The Mayor owns over 600 hectares of land and other assets .

These assets are used to support the Mayor ’s priorities around housing, jobs and economic regeneration, and to generate revenue for other Mayoral activities.

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We inherited a substantial portfolio of property following the closures of both the London Development Agency and London Thames Gateway Development Corporation.

We also acquired the London property assets of the Homes and Communities Agency.

This inherited property has the capacity to provide 40,000 new homes.

A brand new neighbourhood is being created in Barking

Riverside (pictured).

Assets range from substantial brownfield development sites to residual interests in major developments, including the ExCel Centre.

We are also responsible for the operation of facilities such as the National Sports Centre at Crystal Palace and Thames Barrier Park in Newham.

Thames Barr ier Park (top) and the Nat ional Sports Centre at Crystal Palace Park (bottom)

To help meet the aims of the Property Asset Strategy we may invest in property, for instance to help stimulate large-scale development projects.

We may also undertake pre-disposal work, and provide some infrastructure on large sites to promote development and reflect market conditions.

We work closely with external parties to create major development opportunities.

These include London boroughs, other public sector land owners, commercial developers and the GLA’s own functional bodies.

Mace and Essent ial Living are building the UK’s f irst large-scale inst i tut ionally backed resident ial homes on Newington Butts site (CGI, pictured)

Aside from land held for development, we have a number of residual interests in previously developed landholdings.

These assets are held for investment, as well as various legal interests in properties owned by previous regeneration bodies.

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B R E A K D O W N O F G L A A S S E T S

99%

1%

Built out / long lease

Available for development

Over 99% of the portfolio has either been developed, is in the course of development, is contractually committed or is currently being marketed.

This leaves under 1% still available for development. This land is either currently under active review or will be marketed shortly.

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The Mayor is committed to having an exit strategy in place for all of the GLA’s current landholdings by 2016.

Working in partnership with the Mayor of London and The Royal Borough of Greenwich, developer Knight Dragon is creating a new district for London at Greenwich Peninsula (Upper Riverside – pictured)

Read the Property Asset Strategy in full at:london.gov.uk

Catford Greyhound Stadium site, January 2014