Research suggests that traditional transport appraisal techniques fail to capture the full economic impact of investing in stations.
Network Rail commissioned research into the economic value of investments in railway stations in conjunction with international transport consultants Steer Davies Gleave.
The report published seeks:
- To investigate the commercial potential of station development;
- To quantify, as far as possible, the impact of station investment on the economy; and,
- To identify the implications for future station investment.
Based on interviews with over 60 stakeholders, and economic modelling and case study investigations, the key findings of the research were:
- Stations can have a major impact on the towns and cities that they serve, often acting as regional gateways, helping to stimulate economic growth and attract businesses.
- The productivity benefit associated with increased development around stations enabled by station investment can exceed those benefits estimated by traditional transport appraisal techniques by 5 to 7 times.
- Investment in Manchester Piccadilly Station has similarly helped to create 650,000 square feet of new and refurbished office space and to increase property values by some 33%.
- Obtaining maximum value from station investment often requires supporting investment in the area surrounding a station, especially where there is a legacy of under-investment in adjacent land and property.
- At the same time, station investment can act as a catalyst to broader development providing there is an appropriate balance between railways’ operational, commercial and regeneration objectives.
Almost all stakeholders interviewed identified the significant contribution that railway stations can make in attracting inward investment to a city or region.
Download full report 
