How Transport for London plans to cash-in on London's booming property market

. Credit: .

Transport for London has announced plans to cash-in on London's booming property market.

The organisation in charge of London Underground and the buses wants to develop up to 50 of its sites.

The joint venture with property firms is part of a scheme to raise £3.4bn of 'non fare revenue' over the next ten years.

Credit: PA

TfL's 5.700 acre property portfolio includes buildings and land next to tube stations, Underground lines and major roads.

The organisation believes it can exploit around 10 million square foot of 'development potential'.

The idea has been piloted in a controversial project to create new homes and businesses on TfL land at Earls Court in west London.

The deal has been criticised by Labour-run Hammersmith & Fulham Council because it involves the demolition of local housing estates.