Network Rail has been selling surplus land for development where it can for joint venture developments. This is its first venture into modular housing.
The Beeston deal, which has been brokered by property surveyor JLL, will see 40 prefabricated housing units set down on a 2.2-acre site in the Nottinghamshire town.
Ilke Homes, incorporated in 2017, is owned by London private equity firm TDR Capital. It received a £30m loan from the government last year to increase the capacity of its factory.
David Biggs, managing director of Network Rail Property, said: “The development not only supports the government’s strategy to accelerate the rollout of modular housing but will also drive local economic growth. What’s more, all profits generated by Network Rail will be reinvested back into railway.”
Ilke Homes director Tom Heathcote said: “Modular homes represent the future of housing and we believe this residential development will be a shining example of what they can deliver for homeowners, communities and the UK economy.”