Previously, London and Continental Railways Ltd and Network Rail’s Property Team operated independently, each managing different aspects of surplus rail land across the UK.

According to Westminster, this fragmented approach often led to inefficiencies, duplicated efforts and missed opportunities for strategic development.

Now, Platform4 will bring these two functions, skills and capabilities together in a unified structure to deliver 40,000 homes over the coming decade by disposing of surplus rail land, attracting private investment and accelerating community regeneration. By working together, instead of separately, Platform4 is expected to generate an additional £227 million by delivering at greater pace and scale.

The move aims to breathe life into forgotten corners of railway land, from disused goods yards to vacant industrial sites, kickstarting £1 billion worth of new developments across the country.

Neighbourhoods in cities including Manchester, Newcastle, Nottingham and Cambridge will be transformed with homes, green spaces, shops and hotels – creating thousands of jobs.

Bek Seeley has been appointed chair of the government-owned property company, which hopes to attract more than £350 million in private sector investment.

The company will tackle the challenges associated with building on railway land and will form partnerships with other public sector landowners to make the land more attractive to private developers.

Transport secretary, Heidi Alexander, said: “Our railways are more than just connections between places – they create economic opportunity and drive regeneration.

“It’s exciting to picture the thousands of families who will live in these future homes, the vibrant neighbourhoods springing up and the new businesses that will launch thanks to these developments.

“Platform4 will breathe new life into these spaces, delivering tens of thousands of new homes as part of our Plan for Change promise to build 1.5 million homes, while reviving communities around rail stations, supporting jobs and driving economic growth.”

Four sites already earmarked for development include Newcastle Forth Goods Yards, Manchester Mayfield, Cambridge and Nottingham, which together will see over 2,700 new homes delivered and brownfield land transformed into vibrant neighbourhoods:

Deputy Prime Minister and housing secretary, Angela Rayner, said: “We are facing a housing crisis which has led to a generation being locked out of homeownership, all while land sits empty and disused across the country.

“We said we’d do everything possible to get Britain building, and that’s why today we’re setting out how we’ll get more homes built across surplus railway network sites in line with our brownfield-first approach and our Plan for Change target of delivering 1.5 million homes.”

Bek Seeley, chair of Platform4, added: “Platform4 will deliver on key government priorities, creating new homes and jobs and stimulating economic growth. Working alongside our partners and local authorities, we will create sustainable places that bring communities and customers together and leave a positive legacy for future generations.”