The redevelopment of the area around London Euston rail station in the UK could be worth close to £6 billion when fully completed, according to the project’s master-developer Lendlease.
The Euston redevelopment project was valued as part of Lendlease’s results for the year to 30 June 2018, in which the multinational construction firm recorded an estimated global development pipeline of £40.5 billion.
Sydney-headquartered Lendlease also has several additional developments planned in the UK, including the £3.47 billion Silvertown Quays scheme in East London and the High Road West regeneration in Tottenham, worth £1.14 billion.
The company posted global pre-tax profit for the year to 30 June of £610 million, with the UK arm of the business reporting EBITDA earnings of £12.8 million on revenue of £389 million.
Lendlease Construction managing director for Europe Neil Martin said the improved performance had been driven by more selective bidding in the division.
He said: “Our tight control on costs [… and] our focus on profitability rather than revenue has led to further growth in gross profit for Lendlease’s construction business.
“Our recent focus to manage risk exposure across the portfolio means that a significant amount of our workload is now construction management.”