The deal, which was brokered by JLL, will see a partnership-led redevelopment of the 2.2 acre-site, delivering housing and a car park around Beeston station, with links into Nottingham city centre.
The modular housing developer will build the homes off-site in a factory-controlled setting.
The partnership will see Network Rail deliver on its strategy to release land for housing to drive economic growth, while generating capital to fund rail improvements.
David Biggs, managing director at Network Rail Property, said: “By joining forces with ilke Homes on the redevelopment of this brownfield site, we are able to deliver sustainable housing in a growing area, with brilliant access to transport.
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“The development not only supports the government’s strategy to accelerate the rollout of modular housing, but will also drive local economic growth.
“What’s more, all profits generated by Network Rail will be reinvested back into railway.”
Tom Heathcote, executive director of development at ilke Homes, commented: “We are proud to partner with Network Rail to create a sustainable development of much-needed family homes for a growing community.
“Modular homes represent the future of housing and we believe this residential development will be a shining example of what they can deliver for homeowners, communities, and the UK economy.”
Anabel Christmas, residential agent at JLL, added: “It is great that we have been able to broker such a positive deal, despite these challenging and uncertain times for the industry.
“By supporting this partnership-led scheme between Network Rail and ilke Homes, we are playing our part in providing much-needed sustainable housing solutions to communities across the UK, while supporting the government’s housing strategy.”