Request ID: FOI-0589-2122 Date published: 23 July 2021
You asked
Clarification:
Hi
I shall try to make it simpler.
There are stations such as Old Street that has been emptied out (tenants), Liverpool Street Arcade, being emptied out (tenants), Victoria station Arcade, Kensington (Shirt Stream shop area). The commercial premises which were once let to retail business in most of these locations( bar Victoria as this is still in discussions) have been vacated and plans created for redevelopment.
For all the sites above only.
What is the budgeted cost (inclusive)for these and where is the money coming from since TFL has been bailed out, footfall os massively down, many vacant units with more to follow and probably over a few million in owed rent that will not materialise
I hope this is simple enough
Please could you let me know the following
What is the estimated budget/cost for the redevelopment of Zone 1 Tube stations ?
Where is the money coming from directly?
We answered
TfL Ref: 0589-2122
Thank you for your clarified request received by us on 29 June 2021 asking for information about our budgeted costs for the refurbishment / redevelopment works to Old Street, Liverpool Street Arcade, Victoria Station Arcade and South Kensington tube stations.
Your request has been considered under the requirements of the Freedom of Information Act 2000 and our information access policy.
I can confirm that we do hold the information you require. However, we are not obliged to provide you with details of our budgets for the refurbishment / redevelopment works as it is subject to a statutory exemption to the right of access to information under section 43(2). In this instance the section 43(2) exemption has been applied as disclosure would, or would be likely to prejudice our commercial interests and our partner’s commercial interests. Releasing the information regarding our budgets when our negotiations with suppliers and other stakeholders are at various sensitive stages would harm these negotiations and hinder TfL’s ability to effectively and efficiently secure the best value for money when we procure the construction activities for the schemes.
The use of this exemption is subject to an assessment of the public interest in relation to the disclosure of the information concerned. We recognise the need for openness and transparency by public authorities, particularly where public money is concerned, but in this instance the public interest in ensuring that we are able to obtain the best value for public money outweighs the general public interest in increasing transparency of our processes.
We anticipate that the finance for the schemes will be provided by TfL and, in the case of South Kensington, jointly with Native Land, TfL’s joint venture partner. In return for this investment we will earn a long-term revenue stream that we will reinvest in the transport network.
If you are not satisfied with this response please see the attached information sheet for details of your right to appeal.
Yours sincerely
Sara Thomas
FOI Case Officer FOI Case Management Team General Counsel Transport for London
