Network Rail and Kier Property Limited will work together in partnership to regenerate brownfield sites. The initial portfolio of sites are six stations at Enfield Town, Epsom, Guildford, Maidstone East, Twickenham and Walthamstow and a further site at Wembley Cutting. The sites have a gross development value in excess of £500m.
Network Rail’s director of commercial property, Mick Martin said: "This is a pioneering deal for Network Rail. By creating a true partnership with Kier, each of us having a 50% stake, we will maximise the value of the chosen sites, delivering significant passenger benefits and creating a sustainable income stream to improve the railway for years to come."
Kier Property’s commercial director, Nigel Turner added: “We are absolutely delighted to be Network Rail’s chosen development partner for the first multi-site joint venture in the South East. The sites are all in core commercial and residential locations, where there is a real opportunity to create some stunning developments around existing transport hubs. This is a first-class regeneration opportunity.
“Kier see this joint venture as a long term partnership, where our development expertise can add value through simplification. Working together with other parts of the Kier Group including Kier Rail we will aim to bring wide ranging skills to the Network Rail estate to the benefit of the joint venture.”
The joint venture will provide a number of revamped stations and new facilities for passengers. The seven schemes identified at this stage are also likely to include residential, retail and office accommodation.