Euston's £1bn makeover hits the buffers in credit crunch

Ruth Bloomfield12 April 2012

A £1billion redevelopment of Euston railway station has been put on ice because of the economic crisis, it emerged today.

Two years after Network Rail first signed a deal with developer British Land, due to start work in 2011, it has been agreed the project must wait until "well after" the 2012 Olympics.

A report by Camden council - which is due next week to agree a "blueprint" for the site - said "any major development would not take place until well after the 2012 Olympics".

Some 70million people use Euston every year, up from 55million in 2007.

Meanwhile, Transport for London has commissioned a feasibility study on improving the Underground station and bus terminus. But it is thought any works must also be stalled until the wider scheme is given the green light.

A spokesman for Network Rail said it was still committed to the project but a source agreed that Camden's assessment of the situation was correct.

A spokeswoman for British Land stressed a long-term commitment.

The blueprint for the site, designed by architects Allies & Morrison and Foreign Office Architects, includes three new platforms in the mainline station, shops, offices and homes.

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