The regeneration of Euston station, NW1, could contribute £41bn to the UK economy by 2053, create 34,000 new jobs, and provide the opportunity to build 2,500 new homes, a new report has found.
The Euston at the Heart of Britain’s New Economy report, produced by Metro Dynamics, was commissioned by Camden Council following the government’s decision to pause construction at Euston in March 2023 and to design a less expensive station.
Its findings are modelled on a scenario that has been developed with Lendlease, as master developer of Euston station, that would see development adjacent to a reduced HS2 station, above and around the Network Rail station and tracks, and at local development opportunities identified in the council’s Euston area plan.
The report proposes that a locally-led development corporation should be established at Euston station. It claims that this would generate £4.2bn of private and public investment, add £540m to the UK economy by 2030, and a total of £41bn by 2053, create 34,000 new jobs, increase the land value by £1.4bn and raise money for the public purse through £800m in business rates and £45m in council tax receipts by 2053.
Leader of Camden Council Georgia Gould said: “Euston is at a critical juncture. After years of delay and indecision, much of Euston remains a building site. Homes have been ripped down, businesses lost, and open spaces destroyed. Our communities living next to and around the station continue to face disruption and uncertainty.”
She added: “However, we are determined to see promises to these residents kept and we are setting out an ambitious and viable new direction that is possible for Euston. Our vision is for a regeneration of the station and surrounding area that creates thousands of new jobs, builds much-needed affordable housing, and generates the private investment that is now needed to get HS2 back on track to Euston.”
Lendlease’s Europe chief executive Andrea Ruckstuhl said: “At Euston there is the potential to create one of the leading global centres for innovation, life sciences and technology. As master development partner we are looking to drive the project forwards at speed and attract the investment that will mean work can begin and we unlock this once-in-a-generation opportunity for local communities, London and the UK.”
Lendlease was selected by HS2 Ltd to deliver a £4bn redevelopment of Euston station in early 2018. Prime minister Rishi Sunak took the Euston project away from HS2 Ltd in October last year citing mismanagement and spiralling costs. He said Euston needed a private finance partner to get a grip and keep costs down.
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