Transport for London (TfL) will release 300 acres of land for 10,000 homes as a part of plans to raise over £3.4bn in non-fare commercial revenues by 2023.
About 67% of this land is expected to be in central London's travel zones one and two, and will be developed over the next decade to include offices and retail units.
All monies raised will be reinvested in transport to boost economic growth, TfL said.
The new land-release programme is in addition to the work of TfL's £360m growth fund, which aims to develop more than 50,000 homes and 30,000 jobs by supporting 14 transport projects across London.
55 Broadway [Ghostbusters building anyone?]
Graeme Craig, director of commercial development at TfL, said: ‘We're determined to use our assets to help create more homes and jobs for Londoners. All revenue raised from the developments will be reinvested into the transport network, helping us to bear down on fares and continue to support London's economic growth and booming population.’
TfL will be working with planning officers in local councils towards providing affordable and social housing within the developments.
TfL's property portfolio includes:
• Listed buildings, like 55 Broadway, that could have residential use opportunities and others that are being developed into new homes including affordable housing.
• Regeneration schemes in urban centres such as Northwood.
• Brownfield developments in inner and outer London such as Hanworth Road in Hounslow.
• Mixed use and residential developments over stations and depots at locations, including Southwark Tube station and Parson's Green Depot.
Some of the 300 acres will be developed under property development partnerships. TfL is currently evaluating bids from potential partners.
