The sites initially earmarked for development are Twickenham, Guildford, Wembley Cutting, Walthamstow Central, Enfield Town Station, Epsom, Maidstone East and Paddington Enterprise House.

Well connected to public transport, regeneration of these railway lands will support sustainable development. It will also create an additional revenue stream for future investment into the railways, which according to Network Rail will not place additional burdens on the fare- or the taxpayer.

Mick Martin, director of Commercial Property, Network Rail, said: "This is the first deal of its kind for Network Rail. By creating a genuine partnership with our commercial partner, with each of us retaining a 50% stake, we will maximise the value of the chosen sites and develop a sustainable income stream for improving the railway for years to come.

"We are determined to simplify the development process and reduce the cost and time taken to deliver successful and profitable developments. This joint venture will expedite real improvements to stations and facilities for local communities, and is the first of many changes we will make to improve value creation from our assets."