The JV – known as the Earls Court Partnership – will enable the start of redevelopment of the Earls Court 1 & 2 exhibition centres.

The Masterplan will deliver 7,500 new homes and 10,000 new jobs.

It will also see the development of a new primary school, a new leisure centre, new health facilities as well as community and cultural spaces.

Thirty seven acres of green open space will be provided, including a new five acre park and there will also be significant improvements to the transport infrastructure including increased capacity at Earls Court, West Kensington and West Brompton underground stations.

Gary Yardley, Investment Director of Capco, commented: “We are delighted to finalise this agreement and look forward to working with TfL.

“The re-imagination of Earls Court is moving forward and presents a unique opportunity to establish a new address in central London.

“Together with our partners, we will bring 7,500 new homes, 10,000 new jobs to the area, and benefits not just for the local economy, but for London as a whole.”

Graeme Craig, Director of Commercial Development of TfL, added: “This is the first example of our new approach of retaining and investing in our assets across London, working in partnership with leading developers like Capco, which will deliver real long-term value for fare and taxpayers.”

Sir Robert McAlpine and Keltbray have been instructed to develop detailed strategies for demolition and construction work.