NETWORK Rail has launched a new property development company with plans to build 40,000 new homes and over 10 million sq ft of commercial space over the next decade.
Platform4, created from the merger of London & Continental Railways Ltd and Network Rail’s property development business, will lead infrastructure-led regeneration projects across the rail estate that are vital for the growth of towns, cities, and the railway.
The launch marks a significant step forward in how rail-connected land is used, supporting Platform4’s purpose of leading a national portfolio of regeneration projects. The new organisation brings together property, infrastructure, and operational rail know-how to support Network Rail and wider partners.
Network Rail said the potential exists to transform significant areas of railway land – from major stations and station land to former goods yards – into thriving communities. These communities can deliver social, environmental and commercial value for generations to come, it added.
Both London & Continental Railways Ltd and Network Rail have a proven track record in delivering housing, commercial, and infrastructure-led schemes – with over 7,000 homes delivered in the last year. By joining together with a shared purpose, Platform4 will deliver even more, Network Rail said.
Platform4 has a current nationwide pipeline covering 47 towns and cities and 22 London boroughs. Its ambition over the next decade is to enable 40,000 new homes, 10 million sq ft of commercial space, delivery of significant public and community spaces, and £1 billion per year in public value.
Robin Dobson, chief executive officer of Platform4, said, “Our railways once powered the first industrial revolution. Today they hold the key to the next. 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.”
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.”
