As in adjacent sketches in the sketchbook in its present foliation, the subject is surely the Thames from Richmond Hill. The river is visible on the left. Compare especially the right portion of the watercolour of Richmond Hill (Lady Lever Art Gallery, Port Sunlight)1 engraved by Edward Goodall in 1826 for The Literary Souvenir but probably originally intended for Picturesque Views in England and Wales. The watercolour includes the two groups of trees and building with chimneys drawn here.
For another drawing of houses among trees below Richmond hill see folio 80 verso (D10553; Turner Bequest CXL 72a).
Andrew Wilton, The Life and Work of J.M.W. Turner, Fribourg 1979, p.359 no.518.