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British authority picks Lendlease as partner for £4B London project

British authority High Speed Two (HS2) Ltd. selected Lendlease Corp. Ltd. as the master development partner for the £4 billion regeneration of the Euston station estate in London.

Once the appointment is confirmed by the state secretary for transport and network rail, Lendlease can then proceed with formulating a master plan for the 54-hectare mixed-use project, which could deliver up to 1,700 new homes around the Euston station, HS2 said in a release.

The project, which could take 25 to 30 years to develop, can also yield up to 3 million square feet of commercial space, Estates Gazette reported Feb. 22.

The publication noted that the Australian construction giant was chosen ahead of Euston Regeneration Partnership, which was established by Argent Related Services LLP and Sydney & London Property Ltd., and Canary Wharf Group Plc's team up with Hong Konger MTR Corp. Ltd. Earlier in the process, Westfield Corp.'s European arm and Land Securities Property Holdings Ltd. were also shortlisted but dropped out August 2017.

The integrated development was originally planned with British Land Co. Plc on board as the master planner but the initial plans were shelved in 2012.

If Lendlease's participation in the Euston project pushes through, it would be working on at least four development projects in London. In the Olympic area, it is working on the £2.4 billion International Quarter London; in Southwark, it has the £1.5 billion Elephant & Castle residential scheme; and in Tottenham, it is the development partner for the £1 billion mixed-use regeneration project.