Network Rail launches property development arm
Up to 200 homes could be built in Nottingham in the first phase of Network Rail’s nationwide plans to develop railway land across the country.
The rail infrastructure operator announced the launch of its property development arm, known as Platform4, following a merger between London & Continental Railways and the firm’s existing property development business.
The new company will develop what it describes as “significant areas of railway land”, which could include major stations and station land to former goods yards, into new communities.
Four sites which have been identified for development for the new firm in Newcastle, Manchester, Cambridge and Nottingham, which will see over 2,700 new homes delivered built on brownfield land owned by Network Rail.
Announcing the launch, a spokesperson for the company said Platform4 would enable 40,000 new homes alongside 10m sq ft of commercial space over the next ten years, which it says will drive investment and growth while supporting the Government’s housing agenda.
“Our railways once powered the first industrial revolution. Today they hold the key to the next,” said Robin Dobson, chief executive of Platform4.
“By unlocking and regenerating brownfield land within the rail estate, we will generate further investment, create jobs through the delivery of homes, commercial space and new communities, whilst supporting the government housing agenda.”
Network Rail’s existing property development firm has generated over £914m in sales in the last financial year across its 19 managed stations, it says.
The government-owned rail infrastructure firm looks after 20,000 miles of track, 30,000 bridges, tunnels and viaducts and thousands of signals, level crossings and stations in the UK, as well as 20 of the UK’s largest stations, including Birmingham New Street.
Jeremy Westlake, chief executive of Network Rail added: “Today marks a significant milestone as we combine the power of rail and our significant property portfolio to shape communities and drive positive change.
“Platform4 will help ensure the railway estate continues to deliver value for both the economy and our communities.”
As if this is anything new! I remember forty years ago our Managing Director of the then British Rail Property Board, Douglas Leslie, describing us as a prosperous development company with a rather unfortunate passenger transport arm. And we didn’t need the dubious input of politicians to do good business! Just think if that acumen had remained in the fold rather than being scattered to the four winds!
By Just a Manc