The Railway Industry Association (RIA) has today published a report calling for a new model for investment in railway stations to boost transport, housing and growth. It identifies the 2,500 stations in mainland Great Britain as an untapped resource which could and should be harnessed for the place-based regeneration of local communities as well as increasing the supply of housing.

A cross-industry group convened by RIA, has developed ‘Station Investment Zones: A new model for investment in transport, housing and growth’ which is being launched in Parliament today (Tuesday 21 October). Key recommendations include:

  • The creation of new Station Investment Zones, which adapt the existing Investment Zone model to cover roughly an 800-meter radius (about a ten-minute walk) around stations. Within these zones, planning and tax incentives would be aligned to support new housing, commercial development and improved transport.
  • An innovative investment model, where the private and public sectors can co-invest in a wide range of local improvements, such as integrated transport hubs and increased amenities for the community. This would draw on the Mutual Investment Model already used in Wales where the public sector can take a share in any proceeds.
  • A scalable approach that works across the UK to bring together groups of stations as a portfolio, to establish the economies of scale that will help attract private investment and help reduce costs.

This paper proposes a new approach which is public spending neutral, not requiring new Government funding, but seeking to make use of all the different revenue streams potentially available.

Commenting on the report Darren Caplan, chief executive of RIA said: “The railway is the economic backbone of the United Kingdom with station redevelopments such as London King’s Cross St Pancras demonstrating the transformative power of rail investment. Our proposal builds on this and other examples and shows how an innovative collaboration between the public and private sector can build homes, create jobs, regenerate local economies and improve accessible transport.”

Transport Committee Chair Ruth Cadbury MP commented: “During the Committee’s ‘Rail investment pipelines’ inquiry, a range of industry stakeholders told us that our country needs to up its game in harnessing private investment to improve rail infrastructure. Tying that investment to opportunities to redevelop town centres with much needed housing and other amenities is the kind of two-birds-one-stone thinking from RIA that we need to get things moving.”

Read the full report here.

Image credit: RIA