21 October 2025
Summary
Station Investment Zones: A new model for investment in transport, housing and growth aims to set out a new approach to investment in the UK's railway stations.
This paper proposes a new delivery model which is public spending neutral, not requiring new Government funding, but seeking to make use of all the different revenue streams potentially available: commercial and retail income, land value capture (such as through developer contributions and business rates retention), farebox (passenger revenues), and several different public grants across transport, housing and energy. It also seeks to build on the strategic changes that are happening through devolution, planning, tax, infrastructure and rail reform, which make a new approach possible.
Following the Stations: Engines of Communities Discussion Paper RIA published in April 2025, and Steer's subsequent analysis of a actual portfolio of stations Unlocking Station Potential: Delivery model exploration for the Railway Industry Association, this paper now proposes a new delivery model which is a partnership between local authorities, the railway and the private sector.
RIA's proposed approach brings together three main elements, that would work together to amplify impact of investment:
- The creation of new Station Investment Zones, which provide investment incentives to support integrated housing, commercial and transport improvements and a planning approach sensitive to each community within 800 metres of a station (beyond the boundary of the station estate). Zones would be locally led, but under a national framework. See Chapter 2.
- An innovative investment model for direct investment in stations, where the private and public sectors can co-invest alongside each other for mutual benefit. See Chapter 3.
- A scalable approach that works across the UK to bring together groups of stations as a portfolio, established at a national and/or regional level, to support investment in the Zones, whilst establishing the economies of scale that will help attract private investment, and will help reduce costs. See Chapter 4.
Our preliminary assessment is that there will be at least 100 stations across the UK that will benefit immediately from such an approach.
This paper does not look to set out the full commercial details of the delivery model, or specify which stations should be included – these are matters which need to be taken forward by governments in partnership with communities, developers and investors. Instead, it looks to set out a new approach to investment in the UK's railway stations.
RIA would like to thank members of the cross industry working group that have supported the development of this proposal, and the many others who have generously shared their ideas and advice.
RIA invites the views of interested stakeholders on the content of this paper to help establish a consensus on the best way forward. You can share your views by emailing RIA Senior Policy Executive Dominic Poole at [email protected].