The council will closely work with the Mayor of London and The Leader of Camden Council to create an urban development corporation.
These bodies are created to regenerate a specific area and have powers to acquire land, provide infrastructure, and act as the local planning authority. They have been used in areas such as Canary Wharf, the Royal Albert Docks in Liverpool, and Cardiff Bay.
Council leader Cllr Richard Olszewski believes this would be “a game-changer” for Euston.
According to the council, independent research found that regeneration in Euston can deliver Up to 2,500 new homes, £41 billion to the national economy by 2053 and 34,000 new jobs.
Cllr Olszewski said: “The regeneration of Euston is a once-in-century opportunity to deliver huge economic growth for Britain that will translate into thousands of jobs for our residents here in Camden and across London.
“It will add billions to our national economy, deliver much-needed affordable homes for London and bring life-changing opportunities for our residents.”
After much uncertainty, Euston is set to be the London terminus of HS2 – and a huge amount of development is set to take place around the station.
The council’s announcement comes a few weeks after the government confirmed that construction on the HS2 tunnel from Old Oak Common station to Euston station will start fairly soon.
Work on the HS2 tunnel to Euston is expected to start in spring 2026 and take around 18 months, with the machines operating 24 hours a day.
The station itself is also set to be upgraded for HS2, but with just just six new platforms rather than the once-planned ten. The eventual design will likely impact what can be built and where.
Camden has also said it wants to reduce “the barrier effect” of Euston Road.
Cllr Olszewski added: “We have always been invested in Euston as it is the heart of our borough and as HS2 proposals developed, we were clear that the eventual development has to deliver for communities, for London and for national objectives.”
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Pointing to its track record with the Kings Cross development, he added: “A locally-led development corporation will be a game-changer. It will bring partners together under Camden’s leadership to write the next chapter of Euston’s vibrant story. We are already working closely with the GLA and our Government partners who will be transforming the stations. Together we will make Euston a place that works for the country, the capital and our communities.”
The Mayor of London, Sadiq Khan, said: “Euston is a once in a generation opportunity to transform a key central London area, creating a new gateway to our city, which will bring in tens of millions of people into London each year and vital high-quality jobs and homes.
“We are continuing to work closely with Camden Council, government and partners to support the Council’s proposals to launch a new locally led development corporation. This will help to drive forward the area’s transformation and generate billions of pounds for the UK economy, all of which is essential to our mission to build a better, fairer, more prosperous London for all.”
