Railtrack's £500m plan for Euston

RAILTRACK is planning a £500m business and leisure complex behind its headquarters at London's Euston station.

The embattled rail operator, whose parent company is in administration, hopes to cash in on regeneration schemes in the area. According to property magazine Estates Gazette, Railtrack has identified a 15-acre site.

Plans would include bridging the tracks and building above. Sources close to the negotiations said Railtrack planned to approach property firm Hammerson about a joint development.

Hammerson holds a lease on four buildings around the station, including the 70,000 sq ft Railtrack House, vacated by the Railtrack Group board last week. Property consultancy Insignia Richard Ellis is believed to have been appointed by Railtrack as an adviser.

Mike Strong, one of the project team, said: 'It is very early stages. Like a good landowner, Railtrack is considering the site's potential.'