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TfL bought out of Shard commercial property
Transport for London (TfL) has revealed it will not take accommodation in the new Shard commercial property development.
In a move to create efficiency savings, director of group property and facilities Charles Stafford said the body has sold its lease agreement.
Sellar Property Group has purchased the let in the business property, which is currently under construction by LBQ's Mace at London Bridge.
Mr Stafford said the terms of the deal between TfL and LBQ are confidential, but an "excellent commercial deal" had been agreed upon.
The move is part of a programme aimed at saving the company £5 billion, with business property making up a large proportion of the efficiency cuts.
TfL stated hubs situated outside central London would allow costs to be cut and enable staff to work together in less expensive properties.
Deciding not to move to the Shard has allowed the organisation to stay on-track with its decision to save £160 million in accommodation, it was revealed.
Posted by Tom Baker
In a move to create efficiency savings, director of group property and facilities Charles Stafford said the body has sold its lease agreement.
Sellar Property Group has purchased the let in the business property, which is currently under construction by LBQ's Mace at London Bridge.
Mr Stafford said the terms of the deal between TfL and LBQ are confidential, but an "excellent commercial deal" had been agreed upon.
The move is part of a programme aimed at saving the company £5 billion, with business property making up a large proportion of the efficiency cuts.
TfL stated hubs situated outside central London would allow costs to be cut and enable staff to work together in less expensive properties.
Deciding not to move to the Shard has allowed the organisation to stay on-track with its decision to save £160 million in accommodation, it was revealed.
Posted by Tom Baker
Tue, 15th Jun 2010