TfL to release 300 acres of land for development of more than 10,000 new homes

The proposed release of development sites, two thirds of which are situated in the two innermost zones of London's travel network, forms part of TfL's proposals to raise £3.4 billion by 2023 for reinvestment in the capital's transport system.

TfL said in a statement that the release would "help create more than 10,000 new homes across London". It said its land-release programme was separate from TfL's £360 million Growth Fund, which provides indirect support for the creation of homes and jobs by funding transport improvements in areas with potential for development.

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. As the custodians of some of the best assets in the capital, it is right that we explore every opportunity to maximise the use of our land. This next phase of development will see us working with our partners to turn those plans into reality. 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."

Planning expert Victoria Lindsay of Pinsent Masons, the law firm behind Out-Law.com, said: "TfL is actually one of the biggest landowners in the capital with 5,700 acres spread across 3,000 sites. The mayor has pledged to have an exit strategy for all City Hall-owned land by the end of his term in 2016 which is fast approaching. 99% of City Hall owned land is now freed up for development and TfL's plans build on this to deliver much needed housing across the capital whilst investing any revenue in improving London's transport infrastructure. Some of the 300 acres will be developed as part of property development partnerships that TfL announced in February of this year. TfL is due to announce the final partner in the coming months."