This will be led by a new government-owned company, Platform4, which combines the two functions of London and Continental Railways Ltd and Network Rail’s Property Team.
The government said they “operated independently” and each managed different aspects of surplus railway land, but this “fragmented approach” often led to “inefficiencies, duplicated efforts and missed opportunities for strategic development”.
By unifying the two functions, the government plans to build 40,000 homes in the next 10 years by “disposing of surplus rail land, attracting private investment and accelerating community regeneration”.
The government said Platform4 is expected to generate an extra £227m by “delivering at greater pace and scale” and aims to attract more than £350m in private sector investment.
The investment will “breathe life into forgotten corners of Britain’s railway land” and kickstart £1bn worth of new developments across the country, with the profit generated reinvested into railways.
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The government added that neighbourhoods in cities like Manchester, Newcastle, Nottingham and Cambridge will be “transformed with homes, green spaces, shops and hotels – creating thousands of jobs”.
Four sites have been singled out in these areas that will see around 2,700 homes delivered and brownfield sites transformed.
Heidi Alexander, Transport Secretary, said: “Our railways are more than just connections between places – they create economic opportunity and drive regeneration.
“It’s exciting to picture the thousands of families who will live in these future homes, the vibrant neighbourhoods springing up and the new businesses that will launch thanks to these developments.
“Platform4 will breathe new life into these spaces, delivering tens of thousands of new homes as part of our Plan for Change promise to build 1.5 million homes, while reviving communities around rail stations, supporting jobs and driving economic growth.”
Angela Rayner, deputy Prime Minister and Housing Secretary, added: “We are facing a housing crisis, which has led to a generation being locked out of homeownership, all while land sits empty and disused across the country.
“We said we’d do everything possible to get Britain building, and that’s why today we’re setting out how we’ll get more homes built across surplus railway network sites in line with our brownfield-first approach and our Plan for Change target of delivering 1.5 million homes.”
Bek Seeley, chair of Platform4, said: “Platform4 will deliver on key government priorities, creating new homes and jobs and stimulating economic growth. Working alongside our partners and local authorities, we will create sustainable places that bring communities and customers together and leave a positive legacy for future generations.”
