It is well established that improved transport accessibility enhances the value of the land and property in the immediate vicinity of rail stations.
E-Rail has developed a methodology for capturing a share of that value secured solely for the specific rail project. This promotes a partnership between landowners and the public sector whereby they share this newly created wealth to improve profits and help fund the railway. It also helps to create sustainable communities around stations.
Two independent professional valuations undertaken a few years after the opening of the extension agreed that the property within 1km of each new station experienced a combined increase in value of £13.5bn. Land value capture might have enabled part if not all of the cost to be met.
In our view, this method is a significant new way to raise funds for public transport projects, especially heavy and light rail. The partnership with E-Rail has worked well and their unique expertise has been invaluable. We have no hesitation in recommending E-Rail and would urge other Regional and Local Authorities to consider using the E-Rail method in these times of financial restraint.-