Euston Station HS2. Maximising the Opportunity

Transcription

1 Maximising the Opportunity

2 Foreword The Euston Estate In 2008, in conjunction with Atkins, we published our Vision Masterplan for the redevelopment of Euston Station and the surrounding area. Commissioned by the owners of The Euston Estate, the project helped us to understand the potential for a comprehensive, mixed use, over-station development scheme at Euston that reflected the aspirations of the various stakeholders as well as the constraints associated with delivering a project of that scale. However, the announcement in 2010 that Euston had been selected as the London terminus for the HS2 rail project meant that the scheme proposed in our Vision Masterplan was no longer deliverable. Completed in 1980, the Euston Estate comprises four office buildings totalling 304,420 sq ft in front of Euston Station We have therefore revisited the original scheme and, working again with Atkins and our new development partner, Related Corporation the American developers behind the Hudson Rail Yards scheme in New York have produced an updated document that sets out the principles behind a revised masterplan. This scheme is compatible with the current HS2 proposals for Euston ( Option 8 ) but will also maximise the value from the site, helping to fund the station modernisation and deliver the community benefits that could otherwise be missed by adopting a less holistic approach. Grant Thornton House One Euston Square 1 Eversholt Street The Podium 1 Eversholt Street The Tower I hope that the readers of this document find it helpful and of interest, and that it will promote an active discussion about the future of Euston in this once-ina-century development opportunity. We look forward to working with our new development partner, Related Corporation, and all of the local stakeholders and interest groups, to evolve the masterplan into a proposal for Euston that is not only fitting for the gateway station to a 21st Century transport network, but creates a piece of city in its own right. euston euston estate vision masterplan May 2008 Richard Anning Chief Executive Sydney & London Properties The 2008 Vision Masterplan Report

3 1 EUSTON STATION - KEY TRANSPORT ISSUES Connectivity Capacity YEARS +50% PASSENGERS 80m 120m Passenger Experience Aerial view of Euston Station looking South East, showing severance caused by existing infrastructure.

4 To Cheshunt 2 THE TRANSPORT OBJECTIVES To Birmingham To Shenfield HS2 Crossrail 1 Euston King s Cross St Pancras To Reading HS1 International & National Crossrail 2 To Channel Tunnel To Epsom London Metropolitan Area Map City & Local Connections King s Cross St. Pancras King s Cross St. Pancras King s Cross St. Pancras Euston Euston Euston This is an opportunity to create and invest in a high speed network and connect to a pan European rail system Euston Square 2013 Compromised underground connectivity at Euston Station 2025 Improving underground connectivity with link to Euston Square 2030 Providing a mega rail hub at Euston where rail passengers will interchange between HS2 and Crossrail 2.

5 3 KEY DEVELOPMENT CONSTRAINTS View Corridor Construction Exclusion Zone Live Operational Environment

6 4 HS2 PROPOSAL - OPTION 8

7 5 OUR PROPOSAL

8 6 OUR PROPOSAL - MAXIMISING THE OPPORTUNITY Network Rail HS2 Option 8 The challenge of modernising Euston station presents a real opportunity to create new jobs, investment and growth. To achieve this, we need to create a station that transcends its basic transport functions and emerges as a destination in its own right capable of reinforcing and supporting the surrounding community. Our Master Plan Boundary The maximised opportunity

9 7 ZONING & COMMUNITY The challenge... is to secure an exceptional, world-class environment at ground level, which raises the profile of Euston and creates a place people want to live and work in and visit. Boris Johnson, Mayor of London Existing Regents Park Estate Ampthill Estate Euston Station Somerstown The station is a physical barrier in the Camden townscape. It is a socially excluding site characterised by restricted permeability and deteriorating public spaces. Public Park with daylight provided to station below Bloomsbury Active edges to station Regents Park Estate Ampthill Estate Somerstown Proposed We have addressed the challenges of boundaries and permeability by having clear zones for public and private access and maximising the routes through the building Station entrance as new focal point to rejuvenated square Pedestrian routes following desire lines Bloomsbury Our Proposed Public Realm Strategy Key 1 Focal Point 2 Daylight / Public Park 3 East-West Links 4 Developed Edges

10 8 DEVELOPMENT POTENTIAL + + = View Corridor Height Restriction Construction Exclusion Zone Live Operational Environment Develop Edges Commercial Residential Retail Park

11 9 A NEW, CONNECTED TRANSPORT INFRASTRUCTURE

12 10 AREAS + VALUES Use allocation by floor Area Summary Total OSD Build Cost: 2.27 bn Typical Floor Total Value: 5.3 bn Second Floor Surplus to Share: 3.03 bn First Floor Residential Floor Space Office Floor Space Retail Concourse / Mall Services Community Uses 340,000 m 2 285,000 m 2 58,000 m 2 44,000 m 2 7,000 m 2 6,000 m 2 + Gross value added c. 1.8 bn Ground Floor Total 740,000 m 2 Realising the commercial potential of a station can result in a win win alignment of social, economic and commercial objectives, helping to ensure Plus Public open space 57,000 m 2 the deliverability and success of a station investment scheme. Network Rail, 2011 Basement Floor All values are high level estimates, subject to review. Finance costs not included.

13 11 EVALUATION Compatibility with Policy Objectives Homes Jobs Open space Appropriate mix of uses Strategic Rail Planning for future public transport New/improved local connections Sustainability Design excellence Social/Community inclusion Department for Transport London Borough of Camden Greater London Authority Transport for London Network Rail Not Relevant Exceeds requirements Full Compatibility Significant Compatibility Limited/No Compatibility

14 12 CASE STUDY Hudson Yards Development New York This 10 hectare site is the single largest piece of undeveloped property in Manhattan. Hudson Yards is a mixed-use development that will include office, retail, residential, parks, open space, culture and entertainment. Current project being delivered by our Euston partner, Related. Euston HS2 footprint Hudson Yards footprint

15 For further information please contact: Paul Reynolds Atkins 286 Euston Road London NW1 3AT T: F: E: Richard Anning Sydney & London Properties Park House, Greyfriars Road Cardiff CF10 3AF T: F: E: