The six stations are at Enfield Town, Epsom, Guildford, Maidstone East, Twickenham and Walthamstow with a possible further site at Wembley Cutting.

Network Rail and Kier will work together in equal partnership to regenerate these brownfield sites with the developments likely to include a mix of residential, office and retail accommodation.

The partnership could be extended across Network Rail’s entire 2,500 station network.

Mick Martin, Network Rail's director, commercial property said: "This is a pioneering deal for Network Rail. By creating a true partnership with Kier, each of us having a 50% stake, we will maximise the value of the chosen sites, delivering significant passenger benefits and creating a sustainable income stream to improve the railway for years to come.”

Nigel Turner, Kier Property's commercial director added: "We are absolutely delighted to be Network Rail's chosen development partner for the first multi-site joint venture in the South East. The sites are all in core commercial and residential locations, where there is a real opportunity to create some stunning developments around existing transport hubs. This is a first-class regeneration opportunity.

Network Rail is being advised by King Sturge. Kier's advisers are DTZ.