Media centre

Tuesday 13 Dec 2005

REDEVELOPMENT PLANS FOR EUSTON AND VICTORIA GET UNDERWAY

Region & Route:

National

The massive redevelopment potential of two of London’s busiest railway stations was unveiled today as Network Rail went to the market seeking development partners to take forward these multi-million pound schemes. Under the plans passengers will see huge improvements with better retail and transport facilities – all funded by private investment. Euston is major transport interchange that has seen little change for some 40 years.  Over 50 million people use this station each year, contained in a site the size of Canary Wharf – around 15 acres. The station, and its immediate environment, hold huge potential and could result in a mixed use development of between 100,000 to 400,000 sq metres.  Any redevelopment would deliver significant improvements for passengers and would also help to increase train capacity by around 15% as the plans will look to increase platform numbers from the present 18 to 20 or possibly 21. Iain Coucher, Deputy Chief Executive said: “Stations are the shop-window of the railway and we must ensure that we make best use of these assets to deliver real improvements for both the passenger and the railway as a whole.  These two exciting, high-profile, opportunities hold enormous potential to deliver landmark development coupled with significant improvements in station facilities.” At 115 million users a year, Victoria is one of Britain’s busiest stations, and has already enjoyed some redevelopment in recent years. Network Rail is keen to see sympathetic further development of about 75,000 sq metres that will enhance the Grade II listed structure and add to the already extensive passenger facilities. Adjacent redevelopment projects at Cardinal Place at Belgrave House show a proven market for high-value offices, retail, residential, leisure and hotel opportunities. Alongside work at the mainline station improvements to the underground and the relocation of the bus station will ensure that Victoria remains a vital transport hub. Network Rail’s ‘pre-qualification’ exercise - where it asks the property marketplace for expressions of interest - will come to a close on 16 January. It will then short-list to around six interested parties before deciding upon the development partner for one or both of the projects. Mr Coucher concluded: “These projects are a great example of Network Rail leveraging private funds into the railway through its property assets.”