TfL will work in joint venture with the firms, including Balfour Beatty, Berkeley, Canary Wharf Group and Mount Anvil, to realise £3.6bn of schemes over the next 10 years.

Planning applications have already been submitted for sites at Nine Elms, Northwood and Parsons Green for its chosen partners to bid to redevelop.

The three sites will generate over £100m for reinvestment in London’s transport network as well as delivering more than 600 new homes, a new step-free London Underground station at Northwood, new workspaces, shops and improved public spaces.

TfL will work with the property developers to take forward 50+ sites with development potential across the capital.

The sites will have around 10m sq ft of development potential.

The Property Partnership programme is part of TfL’s ambitious plans to generate £3.4bn in non-fares commercial revenue by 2023 which it will reinvest in London’s transport network.

Graeme Craig, Director of Commercial Development at TfL, said: “After an extremely competitive process, we have appointed a selection of leading development organisations that we will work with to bring forward thousands of much needed homes, along with commercial space and jobs that will help support the Capital’s continued growth.

“The 300 acres of land we have announced for development is just the first phase. We are currently reviewing our assets to see how many more sites we can develop, especially in outer London, to provide homes that Londoners can afford while also generating revenue that can be reinvested in the transport network.

“This framework marks a major step forward in allowing us to work with leading private sector developers and housing associations on an important part of our portfolio.”