Euston Estate

Press Release

20 August 2008

VISION FOR A NEW EUSTON PRESENTED TO LONDON FESTIVAL OF ARCHITECTURE

Sydney & London Properties, as project manager to Euston Estate Partnership have presented their vision for the future of Euston Station and the surrounding neighbourhood at the London Festival of Architecture (LFA).

Historically the LFA has featured workshops that showcase the best of architectural and development talent. This year, as part of the Festival’s urban design workshop series, Richard Anning, Managing Director of Sydney & London Properties and Paul Reynolds of engineering and design consultancy Atkins, joined a panel of leading architects and developers to examine the potential of Somers Town, an area south of Camden that has become physically isolated from its surrounding neighbourhoods, while major new developments and regeneration takes place around it.

The workshop, entitled London's Lost Quarters, considered how the major development opportunities on Euston Road between King's Cross St Pancras and Regent's Park – including the redevelopment of Euston Station – can be harnessed to improve the neighbourhood of Somers Town.

Historically Somers Town was isolated by the construction of major transportation routes and termini, which in turn depressed land values that led to the land being used in a way that entrenched some social and economic issues.

There is a huge opportunity to improve the area’s connectivity with its surroundings and to transform the locality and prosperity of its residents.

In 2006, Sydney & London Properties undertook an extensive consultation exercise with local stakeholder and community groups. Refreshed in 2007, the views of the local community strongly influenced the creative process behind the Vision Masterplan, which was developed by Atkins.

The comprehensive vision covers an area of approximately 17 hectares, although the zone of influence is clearly much larger and includes areas such as Somers Town. The Vision Masterplan is much more than a proposal for a modernised Euston Station but aims to create a policy for the regeneration of the entire neighbourhood. The Vision considers aspects such as: economic, social and environmental sustainability; linking the communities segregated by Euston Station; interchange efficiency between train, bus, London Underground and tram; and redesign of the public spaces and public realm.

Key highlights of the Vision Masterplan include:

· A new public space on top of the new Euston Station – the Euston Roof Gardens – with skyline views of London

· Creation of a vibrant street scene on Eversholt Street and Melton Street

· The creation of a new Euston Square Gardens which will incorporate its existing heritage but also allow for a multi-purpose space

· Increased station capacity to cater for the increase in passengers travelling through Euston in the coming years

· Leisure and Community facilities within the development

· The regeneration of St. James Gardens to provide a green hub for the local community

· Creation of a world-class retail and leisure destination, not just for the traveller

· New enlarged London Underground Ticket Hall

· New underground pedestrian link to Euston Square station platforms

· Construction of new external entrance to Underground Station

· Retail facilities to support local residents, rather than just those passing through

· Easy access from trains to bus, tram, tube and car parks

· Separation of departures and arrivals areas

· Hotel within the Station complex

· Play and relaxation areas for new residents

Richard Anning, Managing Director of Sydney & London Properties said:

“The Vision Masterplan is not designed to be a scheme that can be developed without question, but a vision that can be adopted, adapted and improved. When we published our report, we hoped it would stimulate discussion and debate about the future of Euston and the surrounding neighbourhoods which is why were delighted to be able to share our vision with the London Festival of Architecture.”

“One of the most important aspects to arise from the research and subsequently the plan is that there are two distinct aims, firstly to create a world class railway station and transport hub and secondly to develop a commercial and residential environment in line with the aspirations of the Stakeholders, that will generate sufficient economic benefit to pay for the above.”

“Our community consultation exercise gave a voice to the people who live and work near Euston. Any redevelopment will have to take account of their essential interests, so that a scheme can be delivered which is not only commercially viable but also having regard for the interests of the local community.

“We are proud that the Vision Masterplan incorporates these views and have shared our vision with Network Rail and their development partner British Land. We look forward to their reaction and to collaborating on a comprehensive scheme at Euston which will create a world-class interchange.”

- ENDS -

For a copy of the Vision Masterplan, images of Euston Station now and impressions of Sydney & London’s hopes for a redeveloped station, please contact:

Aaron Kliner at The PR Office on 020 7284 6947 or akliner@theproffice.com

NOTES TO EDITORS

Sydney & London Properties, on behalf of the Euston Estate Partnership, manages the Euston Estate which comprises of four office buildings fronting Euston Station: Grant Thornton House, 40 Melton Street, One Eversholt Street and the Podium totalling over 350,000 sq ft.

Euston is the last major rail station in London with substantial redevelopment opportunities. The Euston Estate forms the main entrance to this development opportunity.

By 2015 an estimated 80 million passengers a year will pass through the overland rail interchange of Euston. This figure will be comparable to the number of travellers passing through all five terminals of Heathrow Airport.

The Vision Masterplan has a target mix of :

· 600,000 sq ft Retail

· 1,460,000 sq ft Commercial

· 1,220,000 sq ft Residential

· 625,000 sq ft Ancillary Facilities

Network Rail is currently working with their preferred developer, British Land, to formulate their plans for the redevelopment of Euston Station. In May 2008, Camden Council announced that it anticipated receiving planning application for the development proposals in 2009 and announced that they are aiming to produce a planning brief for the Euston Station site as well as a Strategic Environmental Assessment of the development.

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