Qataris link with Hong Kong in £5.3 billion Euston revamp bid

The Qatar-backed owner of London’s Docklands has teamed up with a Hong Kong developer to bid for a “once-in-a-generation” £5.3 billion transformation of Euston, the Standard understands.

Canary Wharf Group has joined up with MTR, the Asian transport and property giant which will operate London’s Crossrail service, to bid for the ambitious project which could take at least 25 years.

The rebuild is unlikely to start until at least 2025.

More than 3800 homes will be built on 54 acres around the station.

If the Canary Wharf bid is successful it will be the company’s first major strategic move outside Docklands since the takeover of its parent Songbird Estates by the Qataris and Canadian giant Brookfield in early 2015.

Industry sources say the team is up against Australian giant Lend Lease, builder of the athletes’ village for the 2012 Olympics, and a joint venture between King’s Cross developer Argent and a major US player, Related. Australian giant Westfield and blue-chip Land Securities are no longer in the running.

The station will be rebuilt to accommodate HS2 trains, with at least 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.

It is understood the trio will begin eight weeks of talks with the Department for Transport this week before submitting final bids in November.