Plans to transform the former offices of Transport for London (TfL) headquarters above the St James’s Park station into a 526-bedroom hotel have been now revealed.
TfL sold the 150-year lease of the Grade I-listed 55 Broadway building to Integrity International Group earlier this year for a reported £120m.
Integrity International Group is owned by hotelier Tony Matharu’s Blue Orchid (St James) company.
Matharu, along with his brothers Harpal and Tony, founded Grange Hotels and is still managing director of the group.
Transport for London has also unveiled audacious plans to debut in the rental flats market with 3000 homes that could allow tenants to live above tube stations.
The capital’s transport authority said :
It has identified 10 sites where it wants to create properties above existing and future stations and car parks, or on vacant land.
It has hired property agent Savills to find a joint-venture partner, likely to be a property developer or an investment fund, for the project. As part of any deal, the transport body would take a 49% stake and the investor 51%. So, TfL would not have the final word over any proposed project!
The move is set to create a long-term rental income stream for TfL, which has a near-£1 billion debt pile and has faced a catalogue of headwinds that have put its finances under pressure...
Ever wondered why TfL support transport systems that cause gridlock and pollution, forcing the travelling public to abandon Taxis and head for the nearest tube station????
TfL are said to be struggling after a government grant worth £700 million a year has been axed, passenger numbers fell and a partial fares freeze was introduced by Mayor Sadiq Khan.