Invest in train stations to boost high streets

18 May 2026

A new guide will be published on Wednesday (20 May) which sets out a series of options for regenerating communities and high streets by using Britain's railway stations as catalysts for place-based investment.

Ahead of the UK Real Estate Investment & Infrastructure Forum (UKREiiF) event in Leeds this week, the Railway Industry Association (RIA) is launching A Guide for Station Development, a practical delivery resource designed by Grant Thornton UK. The guide is the first of its kind and will help public bodies, local authorities and private sector partners leverage and transform the UK’s station estate and surrounding areas into engines of economic and social growth.

Stations are more than transport assets. They have the potential to unlock housing, jobs and community regeneration. A new approach is needed to fulfil their potential.

RIA Policy Director Robert Cook said:

“With 85 per cent of the population living within 5km of a railway station, there is a huge opportunity to rethink how we use our stations, and the land surrounding them, as a means to regenerate communities and high streets.

“RIA has proposed creating Station Investment Zones to create housing and job opportunities, and this new practical guide produced by Grant Thornton summarises the steps that are needed.”

Wayne Butcher, Director, Consulting, Grant Thornton said:

“A well-delivered station will do far more than provide access to the rail network - it shapes how places grow, how communities connect, and helps drive local economies.

“This guide is about providing a framework to provide the commercial discipline to ensure investment decisions are consistent, prioritised and aligned to delivering the greatest long-term value from station investment, and maximise the benefits for local people.”

RIA and Grant Thornton look forward to working with Government, Network Rail, Great British Railways, Combined Authorities and train operating companies to adopt this guide as a shared framework for delivery.

Notes to Editors

A Guide for place making and station development is now available here.

RIA has previously proposed Station Investment Zones: A new model for investment in transport, housing and growth, exploring and driving these ideas forward.

The new guide addresses this with a structured eight-stage delivery pathway covering areas such as stakeholder mapping, the choice of delivery model and market testing.

The eight stages in the guide are:

Stakeholder Mapping: identifying who matters, who decides, and who needs to be brought along, using tools to clarify roles across the project lifecycle.
Strategic Case: aligning objectives across partners and demonstrating the case for collaboration through a structured benefits assessment and Strategic Outline Case.
Feasibility: high-level assessment of costs, revenues and viability gaps to test whether a scheme can realistically proceed.
Funding & Finance: mapping funding sources to beneficiaries and project timelines, from Section 106 contributions and loans in the development phase through to land value capture, business rates retention and user charging in operations.
Delivery Model: selecting the right structure based on funding, risk appetite and the desired level of public control, from asset-owner-led delivery and public sector Special Purpose Vehicles (SPVs) to joint ventures and public-private partnerships.
Design-Led Solutions: agreeing design principles in parallel with funding, market testing and governance decisions, rather than in sequence.
Market Testing: de-risking proposals by testing concepts with a wider group of public, private and community stakeholders before committing to a delivery structure.
Mobilisation: establishing the delivery vehicle, formalising arrangements through Memorandums of Understanding (MoUs) and Terms of Reference, and procuring partners through open competition.

Image credit: Alex Segre / Shutterstock.com

About the Railway Industry Association: The Railway Industry Association (RIA) champions a dynamic UK rail supply sector. We help to grow a sustainable, and high-performing railway as well as promoting UK rail expertise and products to international markets. Rail is a foundation sector for the UK’s economy which supports sustainable investment and jobs in communities across the UK. For every £1 in the rail transport system, over £2.50 of value is generated in the wider economy. The whole rail industry contributes £41 billion in economic value and £14 billion in tax revenue each year, as well as supporting over 640,000 jobs throughout the UK. For every job in rail transport sector, a further four jobs elsewhere in the UK economy are supported. And every job in the rail supply chain is 29% more productive than the UK average, reflecting many highly-skilled jobs in the sector. RIA has over 450 members and is active across the whole of railway supply, covering a diverse range of products and services and including both multi-national companies and SMEs (60% by number). www.riagb.org.uk