Euston Station Regeneration

High Speed 2 (HS2) is a high-speed railway under construction in England. To date, its scope and aims have continued to change due to the changing economic situation. The now finalised plan will see it running between Handsacre, in southern Staffordshire, and London Euston, with a line to Birmingham. The majority of the project will be completed between 2029 and 2033.

First discussed in 2009, HS2 was originally intended to form 330 miles of high-speed rail network linking London and the West Midlands, and onto Birmingham. A further phase would extend to Crewe, Manchester and Leeds in the North. However, work to construct the Euston HS2 station paused in early 2023 due to inflationary pressure and the need to find a more affordable design.

Since August 2023, Okana partner, Metro Dynamics, has been supporting Camden Council with an economic impact assessment report and accompanying strategic narrative for the Euston Area regeneration with research, analysis and insight relating to the Euston Station regeneration project.

This was the first time that an attempt has been made to properly measure how Euston’s redevelopment would impact locally, city-wide and nationally. Its purpose was to provide a coherent view of the scale of the opportunity at a particularly urgent and important juncture. The government had stated that for the Euston Station HS2 terminus to be completed the project would need to attract substantial private investment.

In addition, the team delivered engagement and facilitation between council officers, political representatives, organisations involved in the delivery of HS2 and Euston Station, as well as investors and prospective investors.

The government later announced that it would be redirecting funding originally intended for the HS2 line beyond Birmingham, to other transport projects around the country. However, it restated its commitment to completing Phase 1 of HS2 between Birmingham and London, including a rescoped Euston station. The Government also set out its intention to deliver a six-platform station that would accommodate trains to Birmingham and would best support the regeneration of the local Euston area.

The team continue to assist Camden by considering financing options that could support the delivery of Euston Station and wider regeneration opportunities across London’s Knowledge Quarter. The Knowledge Quarter includes partners ranging from the British Library, British Museum and Royal College of Physicians to The Guardian, Google and University of London.