New company tasked with building up to 40,000 homes on brownfield railway land
The organisation will initially operate across England and Wales, with potential to expand to Scotland.
Its roles were previously carried out by London and Continental Railways Ltd and Network Rail's property team, with each managing different aspects of the process.
The DfT said this 'fragmented approach' often led to 'inefficiencies, duplicated efforts and missed opportunities'.
Profits generated from Platform4 will be reinvested into Britain's railways.
The business is expected to generate an additional £227 million by delivering development faster and at a larger scale than before.
Four locations already earmarked for regeneration are Newcastle Forth Yards (an opportunity for up to 600 new homes), Manchester Mayfield (up to 1,500 new homes), Cambridge (425 new homes), and Nottingham (200 new homes).
Transport Secretary Heidi Alexander said: 'Our railways are more than just connections between places – they create economic opportunity and drive regeneration.
'It's exciting to picture the thousands of families who will live in these future homes, the vibrant neighbourhoods springing up, and the new businesses that will launch thanks to these developments.
'Platform4 will breathe new life into these spaces, delivering tens of thousands of new homes as part of our Plan for Change promise to build 1.5 million homes, while reviving communities around rail stations, supporting jobs and driving economic growth.'
Deputy Prime Minister and Housing Secretary Angela Rayner said: 'We are facing a housing crisis which has led to a generation being locked out of homeownership, all while land sits empty and disused across the country.
'We said we'd do everything possible to get Britain building, and that's why today we're setting out how we'll get more homes built across surplus railway network sites in line with our brownfield-first approach.'
Platform4 will be chaired by Bek Seeley, who has held several roles in regeneration projects.
She said: 'Working alongside our partners and local authorities, we will create sustainable places that bring communities and customers together and leave a positive legacy for future generations.'
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