TfL seeks developer for ‘big building’ above Southwark Station

London transport commissioner Sir Peter Hendy told the London Assembly on Wednesday that TfL is working hard to exploit its property assets as it faces a tough funding settlement from central Government.

"We now have ... a much better team of people seeking development opportunities for some of the the remaining development sites above stations; places like Southwark where you'd imagine there should be quite a big building, and some other sites in West London," said Sir Peter.

"We've got a good set of people looking at that and we're in discussion with various developers about it."

Sir Peter told the assembly that some of the results of TfL's discussions with developers could become apparent before Christmas.

The air rights above the ticket hall of Southwark Underground Station at the corner of Blackfriars Road and The Cut have remained undeveloped since the Jubilee line extension opened in 1999.

In recent years part of the vacant land has been used for a Barclays Cycle Hire docking station.

News of TfL's discussions about the future of the site above the station ticket hall comes just days after Development Securities announced its acquisition of the adjacent Algarve House site with a view to a large-scale office development.

Controversy is also brewing over the potential sale by Southwark Council of part of its land at Styles House.