Network Rail has launched a new property development company with a target to build 40,000 new homes and 10 million sq ft of commercial space over the next decade.

The company – called Platform4 – will develop brownfield rail land and has already identified four sites in Newcastle, Manchester, Cambridge and Nottingham.

Platform4 has been created from the merger of London & Continental Railways Ltd and Network Rail’s Property Development operations.

Both development teams have a proven track record in delivering housing, commercial and infrastructure-led schemes, with over 7,000 homes delivered in the last year.

Robin Dobson, Chief Executive Officer of Platform4 said: “Our railways once powered the first industrial revolution. Today they hold the key to the next.

“By unlocking and regenerating brownfield land within the rail estate, we will generate further investment, create jobs through the delivery of homes, commercial space and new communities, whilst supporting the government housing agenda.”

Jeremy Westlake, Chief Executive of Network Rail added: “Today marks a significant milestone as we combine the power of rail and our significant property portfolio to shape communities and drive positive change. Platform4 will help ensure the railway estate continues to deliver value for both the economy and our communities.”