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The re-generation game
Euston is one of the busiest stations in London, providing intercity services to many of the UK’s largest urban centres. It sees more than 40 million rail passengers and a further 30 million visitors each year using the station to shop, eat or access London Underground services. High Speed 2, or HS2, the high-speed railway that will form the backbone of Britain’s rail network from 2026, will have its London terminal at Euston, and the new station will be developed as part of a major regeneration programme for the surrounding area.
Find out how Deloitte is working with HS2, Department for Transport, and Network Rail to ensure the work will enhance the station’s excellent transport connections and unlock the full potential of the area, improving accessibility, reconnecting communities, and creating new public and green spaces.
Advising on the journey ahead
We were appointed as lead property adviser to examine the viability of the commercial and residential development plans, working with both HS2 and Network Rail to draw up proposals for the delivery of the new HS2 terminal. It was a firmwide endeavour, with expertise called in from our Real Estate Planning & Development, Real Estate Consulting, Government & Infrastructure and Strategy and Operations teams.
Much of our advice was approved in the Outline Business Case to secure the additional government investment required to enable commercial development around the stations. We also worked closely with HS2’s appointed legal advisers to recommend a procurement strategy for the appointment of a Master Development Partner (MDP), who will design, build and manage the long-term development around the station.
Our programme management and business planning teams helped to establish a procurement governance and assurance framework in the run-up to the formal marketing of the opportunity, and will continue to assist on the scheme, working with the local community and the chosen MDP to create a Euston that provides a great experience for the community, travellers, business and visitors alike.
On track to deliver
HS2 is about much more than the creation of a high-speed train line. As a three-million-square-foot development opportunity in the centre of London, located within a core transport axis, it will also be a catalyst for investment and growth in the area, creating new jobs and homes above and around the station and throughout the wider area.
It is one of the largest, most ambitious infrastructure projects in Europe, and will be the most significant regeneration site in London for the next 20 years. We’re proud to be playing a part in helping to ensure the project delivers large-scale social and economic benefits that will transform the area both now and for generations to come.
"The new terminal at Euston Station is a once-in-a-generation opportunity to transform the local area, with the development set to create thousands of new jobs, homes and business opportunities."
- Andrew Jones, Parliamentary Under Secretary of State, Department for Transport