Media centre

Monday 15 Oct 2007

UNLOCKING POTENTIAL, INCREASING BENEFITS

Region & Route:

National

Stations and other rail facilities across London and the South East are set to be revamped as Network Rail begins the search for a development partner for these brownfield sites. The sites initially earmarked for development are Twickenham, Guildford, Wembley Cutting, Walthamstow Central, Enfield Town Station, Epsom, Maidstone East and Paddington Enterprise House. Network Rail is opening up a unique opportunity for sustainable development of these key locations. The regeneration of these will boost local communities as well as Britain’s railway. Development of this kind can be the catalyst for economic growth in urban centres and also provide social benefits for the population. Mick Martin, Director of Commercial Property, Network Rail, said: “This is the first deal of its kind for Network Rail. By creating a genuine partnership with our commercial partner, with each of us retaining a 50% stake, we will maximise the value of the chosen sites and develop a sustainable income stream for improving the railway for years to come. “We are determined to simplify the development process and reduce the cost and time taken to deliver successful and profitable developments. This joint venture will expedite real improvements to stations and facilities for local communities, and is the first of many changes we will make to improve value creation from our assets.” Well connected to public transport, regeneration of these railway lands will support sustainable development. It will also create an additional revenue stream for future investment into the railways which does not place additional burdens on the fare- or the taxpayer. Network Rail will be working closely with train operating companies, seeking to optimise benefits for passengers from the proposed new rail facilities. The proposed schemes will also receive wide community consultation. Iain Coucher, Chief Executive, Network Rail, said: “We’ve made great strides in recent years to increase the reliability and safety of the railways and we are working hard to meet the challenge of ever higher passenger numbers. Exciting new joint-ventures such as this bring new investment for Network Rail to meet rising demand and improve the experience for everyone who uses the railway. “Our selected development partner and Network Rail will benefit from the best of both worlds, our unique expertise in the railways and their specialist skills in understanding the property market. Together we will build a long term relationship to unlock the potential of our many inner city sites, for the benefit of passengers and local communities.”