Around 20,000 new London homes have been earmarked for building on land owned by Network Rail and Transport for London in the coming decade, as the publicly owned organisations continue to sell off taxpayer-owned land to "support economic growth".
The two groups, which between them own close to 14,000 acres of land across the capital, including 600 stations and various offices, works yards and other sites, have agreed a "strategic collaboration" aimed at developing sites for residential buildings around the capital.
They will work with private sector investors and property companies on the developments, the pair said in a statement, which also promised a "significant proportion" of affordable housing would be included.
Graeme Craig, chief executive of TfL's wholly owned commercial property arm, TTL Properties, said: “As two of the most significant landowners in London, it makes perfect sense for our organisations to work together.”
TfL is on its own the third biggest landowner in the capital, after Qatar and the Mayor of London's office.
Robin Dobson, property director at Network Rail, said the developments “will benefit London’s communities, and businesses to drive economic growth”.
TTL Properties has so far overseen the building of 250 homes and currently has more than 1,750 under construction, with work expected to start this financial year on eight new sites, adding 2,650 more homes.
Current TTLP partners include build-to-rent specialist Grainger Plc (LSE:GRI) and Delancy, which took over the Earls Court development from Capital & Counties Properties PLC (LSE:CAPC). Housebuilders focused on London include Berkeley Group Holdings PLC (LSE:BKG) and US-owned Telford Homes.