Transport for London (TfL) has become the latest to get involved, making a serious bid to become one of the capital’s property supremos.

More than 500 sites owned by TFL across London, including its former headquarters in a Grade-I listed building in St James’s Park, are set to be redeveloped into penthouse properties, new homes and retail space to raise billions of pounds for the capital’s transport network.

TFL will turn property developer to build on some of the 200m sq ft of land it owns, beginning with 10m sq ft at 50 locations across the city.

The development of the first 10m sq ft is expected to net TfL between £1.1bn and £3.4bn over the next decade.