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.