Euston Estate

Press Release

26 May 2008

VISION FOR A NEW EUSTON LAUNCHED

Sydney & London Properties, as project manager to Euston Estate Partnership have launched their Vision Masterplan which aims to stimulate debate about the future of Euston Station and the surrounding neighbourhood.

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 of the scheme is clearly much larger. 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. We hope that this report will stimulate discussion and debate about the future of Euston and the surrounding neighbourhoods.”

“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.”

The Vision Masterplan will be presented to the Euston Strategic Forum, a stakeholder group established under the guidance of the Greater London Authority, with a view to achieving a holistic scheme that delivers maximum benefits for landowners, leaseholders, the local community and the users of this vital London gateway station.

- ENDS -

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

Aaron Kliner at The PR Office : 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.

Network Rail is currently working with their preferred developer, British Land, to formulate their plans for the redevelopment of Euston Station. Their original idea for a scheme only over the current station would not be appropriate to deliver the needs of the local community as identified in our community consultation exercise.

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 Ancillary Facilities

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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