HS2 on track as Euston redevelopment arrives

One of London’s last major mainline station regeneration opportunities be offered to the market next week. A tender for Euston Station, NW1, will be launched through the Official Journal of the European Union, seeking partners for the Euston masterplan. It is estimated around 4.5m sq ft of development could be built on a 15-acre site around Euston with a build cost of close to £2.5bn. Deloitte will run the process with oversight from the Treasury, HS2 and the Department for Transport. Submissions will be due in May. Parties including Argent Related with Sydney & London, Oxford Properties and Lend Lease are expected to examine the opportunity. British Land was chosen as development partner for Euston in 2007 but plans were shelved in 2012 following the financial crisis and a period of indecision over whether HS2 would be given the green light. British Land’s bench now includes Roger Madelin, head of its Canada Water regeneration scheme, who led Argent’s nearby King’s Cross scheme until his departure last February. Sydney & London owns The Euston Estate at the front of the station on land that would be needed in order to undertake a redevelopment, which currently includes Grant Thornton House, One Euston Square, and One Eversholt Street. Its involvement with Argent Related may provide the developer with some strategic advantage and help smooth any prospective compulsory purchase order process. The revamped Euston station will include 11 new platforms for HS2 as well as new public space, retail and leisure. The first element of HS2, between London and Birmingham, is due to become operational in 2026.