Developers vie for £5.3 billion Euston revamp

An international line-up of developers is in the running to lead the “once-in-a-generation” £5.3 billion transformation of Euston, the Standard understands.

The ambitious project could take at least 25 years and will see more than 3800 homes built on 54 acres around the station, which will be rebuilt to accommodate HS2 trains, and 3.3 million square feet of offices on a specially constructed platform over the tracks.

The scheme, potentially creating more than 14,000 jobs, will revive one of London’s drabbest areas in the capital’s biggest development since the regeneration of King’s Cross began in 2001.

Industry sources say Land Securities and British Land are on a five-strong Department for Transport shortlist seeking a partner for the redevelopment.

They are up against Australian giant Lend Lease, builder of the athletes’ village for the 2012 Olympics, as well as a joint venture between King’s Cross developer Argent and major US player Related.

A team led by Hong Kong developer and landlord MTR completes the line-up.

The scheme was described in April by then transport minister Andrew Jones as a “complex piece of work” but “once-in-a-generation opportunity to transform the local area, with the development set to create thousands of new jobs, homes and business opportunities”.

The five contenders will be whittled down to three by autumn with the winner of the competition announced by Transport Secretary Chris Grayling by the end of the year.

Commuters will see little evidence of progress until at least 2020, when physical preparations begin. The bulk of the work is expected to take place between 2025 and 2035.

Related already has an interest in Euston through a tie-up with Sydney & London Properties, which owns 300,000 sq ft of offices on the station forecourt.

S&L’s boss has said any other bidder would have to use a compulsory purchase order for the land.