The scheme will transform the 3.2 acre site, creating nearly 40,000 sq ft of retail space including a 20,000 sq ft Homebase and garden centre, as well as units for Majestic Wines and Pets at Home. Outline consent has also been granted for four additional office or warehouse units.
Rail passengers will benefit from this development with new pedestrian and step-free access to the northern platform (platform 1), vehicle access to the north of the station along with a new 24-space car park which will be leased to Northern Rail.
Stuart Kirkwood, head of development, at Network Rail said: “This is a significant investment for Hexham and we are very pleased to have joined forces with local developers to make better use of railway land to benefit the local community. This scheme is our first direct development, making it a significant one for Network Rail. This new approach enables us to stay in the development cycle for longer and retain ownership of the property. By developing the site in this way we will earn financial returns which can be fed back to support our railway investment. Schemes such as Hexham will help to reduce public subsidy of the railway, by using commercial proceeds to upgrade stations at no cost to the taxpayer.”
Completion is scheduled for early 2014.
All profits generated from Network Rail’s commercial activity are reinvested in the railway.
Notes to editors
- Is one of the largest land and property owners in the country and will generate over £1bn in the next five years from commercial activities for re-investment in our rail estate. This would be enough to transform Birmingham New Street or King’s Cross stations, or put in place 5,000km of new railway.
- Has over 590,000 sq ft retail space at 17 of the largest stations across the country – that’s more retail space than Bluewater – showcasing many leading high-street brands.
- Is also the country's largest provider of commercial property to small and medium sized businesses with over 7,000 properties nationwide.
- In addition, works in partnership on existing development projects, including multi-million pound commercial schemes above our stations at London Bridge (Shard) and Cannon Street and our first multi-site joint venture: Solum Regeneration.
About Network Rail
Network Rail owns, manages and develops Britain’s railway – the 20,000 miles of track, 40,000 bridges and viaducts, and the thousands of signals, level crossings and stations (the largest of which we also run). In partnership with train operators we help people take more than 1.5bn journeys by rail every year; an increase of 50% in a decade. We’re investing £38bn in the railway by 2019 to deliver more frequent, more reliable, safer services and brighter and better stations.