The government has launched a new property company to lead delivery of 40,000 new homes over the next decade by transforming surplus railway land.

Platform4 has been established, bringing together London and Continental Railways and Network Rail’s Property Team, which previously operated independently with each managing different aspects of surplus rail land across the UK.

The new company will bring these two functions together to dispose of surplus rail land, attract private investment and accelerate community regeneration.

The move will breathe life into railway land such as  disused goods yards and vacant industrial sites, kickstarting £1bn worth of new developments across the country.

The target for the next five years is to develop 15,000 new homes and 40,000 across the decade. Plus, by working together instead of separately, Platform4 is expected to generate an additional £227m by delivering at greater pace and scale.

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

• Newcastle Forth Goods Yard: opportunity for up to 600 new homes and unlocking additional new homes  
• Manchester Mayfield: opportunity for 1,500 new homes  
• Cambridge: a mixed-use development with 425 homes  
• Nottingham: 200 new homes following 348 successfully delivered homes at The Barnum

Bek Seeley, who led Lendlease’s development business in Europe for several years and now works in various roles supporting complex regeneration projects across the UK and is also chair of the Euston housing delivery group, has been appointed chair of Platform4.

“Platform4 will deliver on key government priorities, creating new homes and jobs and stimulating economic growth,” she said. “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.”

Transport secretary, Heidi Alexander, added: “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.”

Profits generated from the property company will be reinvested into Britain’s railways, supporting better services and infrastructure while delivering value for passengers and taxpayers.

Neil Jefferson, CEO at the Home Builders Federation, added: “The public sector can play a key part in providing the sites for the homes the country needs and we welcome moves to bring more of this land forward for development.

“Doing so will help address our chronic housing crisis, allow young people to access decent accommodation, create tens of thousands of jobs and generate investment in infrastructure and amenities in communities across the country.”