London Euston station
Britain’s new high-speed railway
In October 2023, the former government confirmed that HS2 Ltd would no longer build the new Euston station, which would instead be funded through a private finance model.
As part of its 10-Year Infrastructure Strategy, published in June 2025, the government confirmed that a Euston Delivery Company will be formed to oversee development of the whole Euston Campus, and that the use of a public private partnership will be explored to deliver the new HS2 station with private finance.
The government is continuing to work on the proposed form for the new delivery company, with further details to come.
HS2 Ltd’s ongoing role
HS2 Ltd remains responsible for the delivery of the section of the HS2 route from Old Oak Common to the boundary with the HS2 Euston station at Hampstead Road Bridge, including the Euston approaches. It also continues to be responsible for enabling works for the future Euston HS2 station, playing a key role in developing the design of the HS2 station prior to the Euston Delivery Company’s establishment, and engaging with the community, working closely with the Euston Delivery Company and other Euston partners.
Design
The Euston Station Campus will include the new HS2 station, redevelopment of the existing Network Rail station, and enhancements to the London Underground station and local transport facilities. The Department for Transport is working with its Master Development Partner (Lendlease) on a Masterplan for new homes and a commercial/life sciences hub around the new HS2 station and a renewed Network Rail station. The Euston Delivery Company will lead on design for Euston.
Lendlease has recently announced its intention to form a joint venture with the Crown Estate.
The Department for Transport is working with key partners to develop affordable, integrated plans for the Euston Station Campus, which will comprise the new HS2 station, an upgraded Network Rail station and enhancements to the London Underground station and local transport facilities along with a significant level of development. Significant progress has been made and we will set out more details in due course.
Financing
The government has made a significant public commitment to funding HS2 into Euston Station and believes that the additional investment required to build the new HS2 station is an exciting opportunity for private investors. The Department for Transport is working closely with HMT and NISTA to develop sustainable private finance plans for Euston. Any consideration of a public-private partnership model at Euston will be subject to achieving appropriate risk-transfer.
The 10-Year Infrastructure Strategy set out the intention to explore the use of a Public Private Partnership to deliver the new HS2 station with private finance. Under this approach, the Department for Transport is considering the use of private capital to design, build, finance, and maintain the HS2 Station, as part of the private finance and funding package for Euston.
Project update
In autumn 2024, the government confirmed we’ll build HS2 to Euston. We’re now preparing to build the tunnel from Old Oak Common. We’ll start work on the tunnel shafts, headhouses and station approaches later.
We’re reviewing the whole HS2 programme as part of a major reset. This means we’re making sure we build everything in the right order. We’ll keep you updated on when work at the Euston approaches and Euston tunnel headhouses will restart.
Archaeological discoveries
During the early and site preparation works, archaeologists working in Euston discovered Victorian time capsules and the remains of Captain Matthew Flinders, the Royal Navy explorer who led the first circumnavigation of Australia.
Traction sub station (TSS)
We’re building a new traction substation (TSS) at Euston to support the operation of the London Underground’s Northern line. This is the first above ground structure we’ve completed for HS2 Euston and is part of essential work at the station.
The new TSS will convert electrical power to a form suitable for rail systems and will house modern equipment to provide services and ventilation for the safe operation of the Northern line. We need to relocate this equipment because the existing TSS, which sits beneath Euston terminus, is in the path of the new high-speed station.
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