Network Rail has set up a new property development company to develop brownfield railway land and to be at the forefront of regeneration projects across Network Rail’s estate.
Over the next ten years, the new company, Platform4, which was created by merging London & Continental Railways Ltd with Network Rail’s property development business, aims to build 40,000 new homes and develop over 10 million sq ft of commercial space.
Through spearheading regeneration projects across Network Rail’s estate in the development of towns and cities, it will drive investment and growth while supporting the Government’s housing agenda.
Platform4 will supplement Network Rail’s expertise in property, which, in the last financial year, generated over £914m in sales across its 19 managed stations.
Property, infrastructure, and operational rail know-how will now be brought together, with Platform4 leading a national portfolio of regeneration projects.
There are significant areas of railway land suitable for development into thriving communities.
These include major stations, station land, and former goods yards, which are all ripe for generating social, environmental, and commercial value.
Platform4 currently has a portfolio of commercial real estate and projects in 47 towns and cities and 22 London boroughs.
Over the next ten years, it plans to deliver 40,000 new homes, 10 million sq ft of commercial space, significant public and community spaces, and £1 billion per year in public value.
Among Network Rail’s current projects are the redevelopment of London Liverpool Street station and Scarborough railway station in North Yorkshire.
Robin Dobson, Chief Executive Officer of Platform4, commented that railways once powered the first industrial revolution, and today they hold the key to the next. Unlocking and regenerating brownfield land within the rail estate will generate further investment and create jobs.
“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.”
Jeremy Westlake, Chief Executive of Network Rail