Five shortlisted for £4 billion Euston Station regeneration
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HS2 has published the names of the bidders in the running to win the Euston Master Development Partner contract.
The winner will advise on, and later take forward, sustainable mixed-use development opportunities, including new homes, offices and retail space above and around the revamped London Euston. This includes working with HS2 Ltd, Network Rail, the station design contract winner and local authorities to deliver a unified masterplan to unlock the full potential of the area.
The tender process was launched last February by Secretary of State for Transport (SoS) and Network Rail Infrastructure Limited (NRIL). The following bidders have been shortlisted and invited to participate in dialogue:
- Westfield Europe Ltd
- Euston Regeneration Partnership (Led by Argent Related Services LLP)
- Canary Wharf Group
- Land Securities Property Holdings Limited
- Lendlease Europe Holdings Limited
This comprehensive approach has the potential to deliver up to 22 hectares of development space as well as improving accessibility and creating new public and green spaces across the wider Euston site.
The estimated gross development value of the entire Euston estate is between £2 billion (US$2.6 billion) and £4 billion (US$5.2 billion). The four-year contract could be extended by up to 40 years.
Managing Director, Network Rail Property, David Biggs, said:
"This brings us another step closer to realising an exciting and vibrant new district in the heart of London.
The opportunities are vast. A regenerated Euston Station not only affords us the ability to improve connectivity and exceed the expectations of those travelling by train. It also allows us the rare chance to create new space for homes and businesses, to craft a desirable destination for people to live, work and meet.
The new station can be a catalyst for local regeneration and increase connection across the local community, bringing huge benefits both to the area itself as well as the country as a whole."
Contracts for the station designs and the Euston Master Development Partner will be awarded early next year.
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