Camden Council has proposed it leads a development corporation delivering HS2’s Euston terminus and surrounding area.
Research commissioned by the council estimates that development adjacent to and above a reduced Euston station could add £41bn to the economy by 2053, creating 34,000 jobs – including 1,300 construction apprenticeships.
Camden Council’s vision for a mixed-use development centred around life sciences and technology would be built with £4.2bn in private investment, of which £2.7bn would come from foreign direct investment.
Complete by 2053, the borough’s outline plan would create up to 2,500 new homes, 1,200 of which would be affordable; 470,000 square metres of commercial space, 30 per cent of which will be designated for life sciences; and new parks and public spaces.
It would build on the borough’s existing knowledge quarter, which contains the £1bn Google headquarters, currently being built by Lendlease, along with the British Library, Great Ormond Street Hospital and Wellcome Collection.
The plan was developed with Lendlease, which was appointed by HS2 Ltd as master developer for £4bn of work around the station in 2018.
Andrea Ruckstuhl, Lendlease’s Europe chief executive, 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’re 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.”
In his speech announcing the cancellation of HS2’s northern leg in October, prime minister Rishi Sunak committed to completing the Euston site under different management. He also proposed a development zone around the Euston terminus.
The government has declined to comment on whether Lendlease will still as master development partner for the works.
Last month, the Public Accounts Committee (PAC) criticised the Department for Transport for lacking a plan to attract private investment.
Camden Council leader Georgia Gould said: “Euston is at a critical juncture. After years of delay and indecision, much of Euston remains a building site.
“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.”
