Thirty-four abandoned London Underground tunnels sit empty beneath the city, generating zero revenue.
Transport for London estimates these forgotten spaces could generate £3.6 billion in commercial value. We’re talking about prime real estate in zones 1-3, accessible by existing transport links, sitting unused.
The transformation has already begun. Former Barclays executive Ajit Chambers proved the concept works through The Old London Underground Company. His team converted Clapham North station into London’s first underground herb farm. Chalfront & Latimer now houses Waitrose collection lockers in former ticket halls.
The economics are compelling.
Underground spaces offer unique advantages. Consistent temperature. No weather concerns. Central London locations without buying surface real estate.
This infrastructure repurposing reflects what’s happening across the leisure industry. The timing couldn’t be better. UK gym membership hit 10.7 million in 2024. The market grew to £5.9 billion, up 9.7% from 2023.
Wellness beats vanity.
Research shows 54% of UK adults exercise for mental health, not appearance. Traditional gyms can’t meet this demand alone.
Underground venues could serve this market perfectly. Picture this: a 200-meter tunnel converted into London’s first underground climbing wall. Former platform spaces as yoga studios with original Victorian tilework. Abandoned ticket halls transformed into recovery centers with ice baths and saunas.
Cities worldwide face similar infrastructure challenges. Maintain aging infrastructure or monetize it. London chose monetization.
The £3.6 billion valuation assumes commercial development across all 34 identified spaces. TfL plans to invite commercial bids for development.
The challenges are real.
Converting underground infrastructure presents unique regulatory and technical challenges that developers will need to navigate.
The bigger picture.
This goes beyond London’s revenue problem. Cities globally sit on billions in underused infrastructure. New York’s abandoned subway stations. Paris’s forgotten Metro tunnels. Berlin’s Cold War bunkers.
The question isn’t whether other cities will follow London’s lead. But London has first-mover advantage. While New York debates and Paris studies, London acts.
The real question: will £3.6 billion in underground real estate unlock a new model for urban development, or will regulatory hurdles and technical challenges prove too costly? The answer will determine whether other cities follow this model.