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Thursday 5 Apr 2007

NETWORK RAIL SELECTS PREFERRED DEVELOPMENT PARTNER FOR EUSTON

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National

The potential to create a world class station at Euston moved closer today with the announcement that British Land is Network Rail's preferred development partner for the station. Subject to completion of a legal agreement, Network Rail and British Land will now draw up a masterplan for the station and progress these plans through the relevant planning processes. The scheme will transform one of Britain's busiest transport interchanges. It will increase the capacity of the concourse and reduce congestion for the millions of passengers who use the station each year. The plans will fully safeguard the operational needs of the station and allow for future expansion. The passenger improvements - at a station that fundamentally has not changed since the late 1960s - will be funded by unlocking the commercial development potential of the site. The aim is to redevelop the station to address the demands of a growing railway and create a high quality destination that is a catalyst for regeneration. Iain Coucher, Network Rail's Deputy Chief Executive said: "It has been tough to decide which company to select as our preferred development partner for Euston station. Eventually, Network Rail has selected British Land and we are confident that it has the right team and the right ideas to make a real difference for passengers. This is a once-in-a-generation opportunity to transform a landmark station, so it is not a decision we made lightly. "I would like to praise Chelsfield Partners for its hard work and imagination throughout this very competitive process. We hope to be able to work with them on other potential opportunities in the future." Nigel Webb, Head of Developments, British Land said: "We are delighted to have been selected for the re-development of Euston Station. This is a major mixed-use development on a 15 acre site at one of the capital's leading transport hubs. Our proposals will bring forward development of one of London's largest regeneration sites, providing significant benefit to the local community and to the 55m rail passengers currently using Euston Station each year. The opportunity plays to our strengths of delivering large scale complex developments which can unlock significant value." Network Rail's Iain Coucher added: "Our work continues in identifying other opportunities where we can improve stations alongside commercial developments. We hope to make an announcement soon about London Victoria, and work will begin shortly to upgrade London Bridge and Cannon Street stations as a result of this kind of commercial partnership." Network Rail is advised by DTZ Debenham Tie Leung.