HS2 said today the firm behind the 2012 London Olympic Athletes' Village will lead the massive revamp of Euston in a deal that could fuel the development of up to 1,700 new homes.
Lendlease has been appointed the master development partner by the transport secretary and Network Rail, and will work to develop "a masterplan" for the 54 hectare station site, and then have first dibs on buying the plots of land and building on them.
HS2 said the work could unlock up to 4.8m square foot of development space, and the deal has the potential to bring back £3-4bn to the public purse in land sales.
The £56bn HS2 project will more than double the number of seats out of Euston during peak hours, to bump up capacity. With the work comes the chance to improve accessibility, and open up the station to nearby communities with new public and green spaces on the cards.
HS2 chief executive Mark Thurston, said:
The arrival of HS2 gives us a unique opportunity to transform the wider Euston station site, opening up the station to the surrounding community with new streets and public realm as well as opportunities to unlock thousands of new jobs and homes, anchored around a common masterplan vision.
Thurston said Lendlease's experience of delivering "some of the world's most challenging transport and development projects will be vital".
David Biggs, managing director Network Rail property, said "Euston station quarter will become a new thriving destination" and will be similar to work near King's Cross, which attracted £2.2bn of private investment including new jobs and homes.
Euston, which opened in 1837 as London's first inter-city train station, now brings in 42m passengers a year.
In the second part of the deal, Lendlease would work with the GLA and Camden Council on any prospective developments.
Jules Pipe, London's deputy mayor for planning, said the goal will be turning Euston into "a real public space", driving business growth and leading to "much-needed housing".
The project will include a new interchange with the London Underground, combining Euston and Euston Square, and provision for a future connection for Crossrail 2.