Network Rail Property will approve investments in the transport business’ estate and make decisions about the disposal of property assets.

The new company will allow Network Rail to boost its property activity to help generate £1.8bn to fund the Railway Upgrade Plan by disposing of various assets which will provide land for housing.

David Biggs, Managing Director of Network Rail Property felt that the new company allowed Network Rail to focus on growing the railway.

“A bigger and better railway requires significant investment and Network Rail is generating an extra £1.8bn to help fund the Railway Upgrade Plan, mostly through the sale of property assets where continued Network Rail ownership is not essential to running the railway. 

“Our new property company will have greater powers to unlock land for homes, drive economic growth in towns and cities and reinvest money into the rail network to help fund the Railway Upgrade Plan. 

“It will mean that investment or asset disposal decisions can be made at the right level within the organisation in a timely way while ensuring appropriate oversight is in place.”