TfL has chosen a preferred bidder for a joint venture to deliver a mixed-used development on its Landmark Court site on Southwark Street, south London.

Triangle London Developments is a consortium of U+I and Notting Hill Housing and will transform the site from an under-utilised space to a local cultural and social hub.

The site has the potential to deliver about 130,000 sq ft of new commercial, retail and workspace plus approximately 80 new homes which will be built with at least 35% of being affordable.

Graeme Craig, Director of Commercial Development at TfL, said: “We are working with some of the best organisations across London to bring forward a portfolio of sites that will help to create the homes, jobs and work spaces London needs for the future.

“We look forward to establishing a long-term, joint venture partnership with Triangle London Developments to contribute to the Bankside neighbourhood, which has been known for centuries as a hotbed for London's creativity and independent businesses.”

Landmark Court is within walking distance of London Bridge station, Borough Market, the Tate Modern and the Globe Theatre.

Subject to contracts and agreements, the joint venture will consult with Londoners to develop a detailed design in order to seek planning permission and to start on site in 2019, aiming for completion by 2022.