DfT Explores Private Financing for HS2 Euston Station Project
The Department for Transport (DfT) is exploring private financing options for the HS2 Euston Station project. This initiative aims to establish a public-private partnership that will enhance the station’s construction and operation. Alongside this, the government has confirmed public funding for connecting the high-speed rail line to Euston.
Public-Private Partnership Model
The proposed model involves a private sector partner responsible for:
- Detailed design
- Construction
- Long-term financing
- Ongoing maintenance
This approach follows a Design-Build-Finance-Maintain (DBFM) structure, which aims to improve project efficiency.
Engagement with Industry Stakeholders
DfT is actively seeking input from various stakeholders. Contractors, operators, equity investors, and lenders are encouraged to provide feedback. This will help shape a viable commercial proposition, particularly concerning risk allocation.
Significance of the HS2 Euston Station
The HS2 Euston Station is part of a larger development plan, known as the Euston reset. This initiative includes:
- Redevelopment of the existing mainline station
- Upgrades to the London Underground
- Local transport enhancements
- Major over-station development
The project aims to transform Euston into a modern transport hub.
New Delivery Structure
To oversee the comprehensive redevelopment, DfT is establishing a new Euston Delivery Company. This organization will coordinate the entire campus project and support the wider masterplan led by Lendlease.
Upcoming Phases and Opportunities
Alongside the DBFM initiative, the delivery body intends to enlist a separate engineering and design partner. This partner will advance the station’s design to RIBA Stage 3 before transferring responsibilities to the private financing collaborator.
The engagement period for interested firms ends later this month, with additional phases planned as the commercial framework is refined. Companies interested in participating can submit their expressions of interest by February 18.
