A new independent board will be able to approve investments in Network Rail’s estate and determine property asset disposals.

The new structure and governance arrangement will also provide greater focus on plans to deliver land for housing, while continuing to generate income from Network Rail’s other property assets to reinvest into the railway.

David Biggs is managing director of Network Rail Property and new board will be chaired by Chris Gibb, a non-executive director of Network Rail since 2013.

David Biggs, managing director of Network Rail Property, said: “A bigger and better railway requires significant investment and Network Rail is generating an extra £1.8bn to help fund the Railway Upgrade Plan, mostly through the sale of property assets where continued Network Rail ownership is not essential to running the railway.

“Our new property company will have greater powers to unlock land for homes, drive economic growth in towns and cities and reinvest money into the rail network to help fund the Railway Upgrade Plan.

“It will mean that investment or asset disposal decisions can be made at the right level within the organisation in a timely way while ensuring appropriate oversight is in place.”