Media centre

Thursday 26 Mar 2009

NETWORK RAIL STARTS SEARCH FOR NEW COMMERCIAL PROPERTY CHIEF

Region & Route:

National

Network Rail has started the search for a new director for commercial property following appointment of former incumbent, Mick Martin, to the role of programme director for track asset management. Network Rail’s interim commercial property director, Ron Miller, will continue to lead the department during this period.

The company will embark on a record period of investment in the railway from April this year. It has an ambitious target to generate almost £1.2bn of income from its property portfolio in the next five years.

Iain Coucher, Network Rail’s chief executive, said: "Mick has achieved a huge amount for the company in the last two years, establishing Network Rail as a leading player in the property sector. His skills will be vital to enable us to meet tough efficiency targets for track asset management as part of our multi-billion pound track renewal programme.

"We are looking for the right candidate to build on Mick's achievements in commercial property and help the company meet its challenging targets for income generation from the property sector in the coming years."

As one of Britain’s biggest land owners, Network Rail is looking at new ways to use its property portfolio for sustainable development. This includes multi-billion pound plans to transform some of Britain’s busiest stations through commercial partnerships, and the launch of a joint venture partnership with Kier Property last year which will fast track development opportunities at stations around London and the south east of England.

Network Rail is landlord to more small to medium sized business than any other in Britain and owns a high proportion of the outdoor advertising market with over 3,000 sites across the country. The commercial property director would also assume responsibility for all aspects of the company’s property portfolio, including its large and growing retail offering.

Key facts

* Network Rail is one of the country’s largest land owner

* Network Rail is the country’s largest provider of commercial property to small and medium-sized businesses

* Network Rail has over 45,000 sq metres of retail space – equivalent in size to some of the largest shopping centres in the UK

* Network Rail own over 3,000 advertising sites nationwide – 9% of all outdoor advertising sites