Transport for London (TfL) has signed a joint venture agreement with Oakmayne Properties to develop 1.5 acres of space above the new Docklands Light Railway (DLR) station at Woolwich Arsenal and at the former DLR work site in Woolwich Town Centre.

The new developments are planned to be around 165,000 sq ft in size and will include residential and commercial use.

The new DLR extension to Woolwich Arsenal has been a huge success with more than two million passengers passing through the station since it opened in January 2009.

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The DLR extension has increased access to jobs, healthcare and leisure for local people and contributed towards the regeneration of Woolwich Town Centre.

Development of the space above the two station entrances and at the former work site will now add further impetus to the regeneration of Woolwich.

Under the terms of the joint venture Oakmayne will be responsible for gaining planning permission for the sites and the delivery of the development whilst TfL will remain landowners.

On completion, the properties will be sold and any profit from the sale split between the two parties.

All funds received by TfL will be invested in improving and expanding London's transport network.

Anthony Bickmore, TfL Head of Property Development, said: "The DLR Woolwich Arsenal extension has made a tremendous contribution to the regeneration of the local area, providing a connection to Canary Wharf, the City and the wider Tube network.

"This new joint venture will add further impetus by creating much needed sustainable housing stock."

(CD/JM)