Transport for London names developers for 400-home site in its first step to raising £1.1bn

Transport for London has appointed a developer to build 400 homes in south-east London in its first step towards raising £1.1bn through property sales to fund the capital’s transport system.

Triangle Developments, a joint venture between developer U+I and housing association Notting Hill Housing, will build the homes, with TfL retaining a stake in the scheme.

Half of the homes at the four-acre site in Kidbrooke will be affordable, TfL said, and money raised through property sales will be reinvested in London’s buses and trains.

Kidbrooke was the first in a series of TfL sites to be released for development last year as part of Mayor of London Sadiq Khan’s manifesto pledge to make more public land available to build new homes.

The site is the first to be agreed by TfL’s property partnership scheme, which was launched last year. There are 13 developers signed up to the scheme already, in order to speed up the process of finding companies to build on the land. They will work on a variety of schemes throughout the city in the coming years.

The company has said there is the potential to build up to 10,000 new homes at 75 sites across 300 acres of land that it owns.

Subject to final approval by TfL’s finance committee and contract completion, the joint venture will start on site at Kidbrooke in 2018, aiming to have the first homes available to buy and rent by 2020.

The site was previously part of an RAF base and was then used as operational land during the construction of the A2 road. It has since been largely unoccupied, apart from Henley Cross bus stop.

James Murray, deputy mayor for housing and residential development, said Mr Khan wanted to ensure at least half of the homes on TfL land were affordable. “Kidbrooke is a site that has sat unused for the last eight years, so I welcome this joint venture,” he said.