Railtrack Property is to plough money back into railway infrastructure through an ambitious development programme.
The company – part of Railtrack plc, which is still in administration – plans to kickstart its move out of administration by identifying sites for new housing development across the country.
Railtrack has created two joint ventures with housebuilders for schemes in Cambridge and St Albans and is close to agreeing similar developments across the country.
In Cambridge, it has agreed terms with Laing Homes and is working on plans to develop a high-density housing scheme on the 3.5-acre (1.4ha) Hills Road and Station Road site.
The company plans to put forward an application in November. The scheme will form part of regeneration proposals for the area.
In St Albans, Railtrack has created a joint venture with Linden Homes Chiltern to build 350 homes on an 8.5-acre (3.4ha) site at St Albans City Station.
Improvements to St Albans station and a new multi-storey car park are included.
The residential element will be built on what is currently a surface car park, and will include a proportion of key-worker housing, yet to be finalised.
A planning application is expected to be submitted by early November.
Mike Lee-Dickson, development director at Railtrack Property, said: “The location of our property – at transport hubs in urban centres – puts us in a unique position to deliver rail and urban regeneration benefits, in line with government planning policy.
“We are also able to generate revenue for reinvestment in the railways.”
The news follows Railtrack plc’s announcement earlier this month that it is bringing forward at least three major commercial schemes, including Cannon Street, Edinburgh Waverly and London Euston.
EGi News 02/09/02
