The first round of the fight to redevelop Euston and Victoria stations has some of UK property’s fiercest rivals pitted against one another.
Network Rail said it had received 11 declarations of interest in Victoria and 13 in Euston by last Monday, and most companies (see below) expressed an interest in both.
Stanhope and Elliott Bernerd’s Chelsfield, in partnership with Morley, both responded, raising the prospect of Sir Stuart Lipton as deputy chairman of Chelsfield Partners going head to head with Stanhope for the first time since he left last month.
British Land’s Sir John Ritblat will face competition from son Jamie’s Delancey, alongside Land Securities, Development Securities and Grosvenor.
Spanish developer Riofisa, which has worked with Spain’s railway system Renfe on a £601m station redevelopment programme, also responded, as did Australian developer Multiplex and US group Hines.
Network Rail said it would shortlist around six names by the end of February before choosing a partner for one or both projects later this year.
At the 15-acre Euston station site, a mixed-use scheme of up to 4.3m sq ft is envisaged.
At Victoria, Network Rail is planning an 807,320 sq ft mixed-use redevelopment.
One interested party commented: “In the end, the same developers that were sounded out last year are likely to be chosen because very few companies are able to take on such complex schemes.”
Network Rail is being advised by Jones Lang LaSalle on Victoria and by DTZ on Euston.
The interested parties are:
Euston and Victoria: Stanhope, Development Securities, London & Regional, Delancey, More London Developments, Riofisa, British Land, Grosvenor
Euston only: NordLB/Hochtief, Chelsfield/Morley, Hines, Multiplex, and Sydney & London
Victoria only: Hammerson, LandSec
References: EGi News 20/01/06
