by Alison Mann BBC business journalist

It was the end of the line for Railtrack on Friday when shareholders voted to put the company into liquidation.

So what is left of Railtrack?

Gone already are the track and stations, sold to Network Rail for �500m.

Also in the coffers is �375m gained for the concession for part of the high-speed Channel tunnel rail link, plus �350m in cash set aside by the banks when Railtrack plc went into administration.

Some property assets have also already gone under the hammer.

The Broadgate Development went to British Land for �40m, and 130 property units under railway arches were returned to Railtrack plc for �17m.

Property portfolio

But there is still a little work to do before everything is done and dusted.

The rest of Railtrack's property, held in Railtrack Developments, is still on the asset book.

The portfolio consists of about 24 so-called "early stage development properties".

These are generally sited next to railways, and are often undeveloped and prime locations for regeneration.

In some instances, the sites are already subject to planning applications for commercial redevelopment, and are being sold as going concerns.

They are expected to attract bids from construction and development groups.

A deal could be wrapped up by the end of the year.

Weakening market

"The book value of �33m substantially underestimates the value of the Railtrack Developments," says analyst Robin Amlot.

"It could go for between �45 and �55m," he said, but added that the commercial property boom was "past its peak".

Rupert Clarke of Jones Lang LaSalle, the property advisor handling the sale of Railtrack Developments, said: "If you had the luxury of waiting three or four years, you might well get a better price.

"But we don't have that luxury. Last year may have been better time for the sale, but then again next year might be worse."

Hidden complexity

Property experts say possible buyers may be put off because of the complexity of the sites.

"There will be very few companies in a position to buy," says Campbell Whyte at British property company Stannifer, one company considering the portfolio up for sale.

"There are many types of projects and sites, all at different stages of development, and all with different requirements.

"Beyond the normal issues such as planning permission and listed building consent, there are also considerations specific to the rail industry that need a specialist knowledge."

Another asset to Railtrack's name is a joint venture with Marconi to market sites for mobile phone masts.

Negotiations between the parties continue, but with the telecoms sector in such a depressed state, Railtrack expect a settlement in the region of only �5m.

Payout details

Shareholders are likely to receive 252-260p a share in total - compared with a stock market price of 280p in October last year when the then transport secretary Stephen Byers forced the company into administration.

Investors can expect an initial payout of between 200-220p in January, with the rest to follow by the end of 2003.

There will also be, in six years time, a further nominal 1p a share payout, which the liquidators are holding back to provide a cash fund to fight any last-ditch litigation.