There is a potential to deliver 22 hectares of development space over and around the station site as well as improving accessibility and creating new public and green spaces.

By taking a coordinated approach with station owners Network Rail and pooling publicly-owned land across the site up to 4.8m sq ft of new development could be delivered.

Lendlease beat rivals Westfield Europe, Argent-led Euston Regeneration Partnership, Canary Wharf Group and Landsec to become Euston Station master development partner in a deal believed to be worth up to £40m.

The firm worked with a broad consultant team including Prior and Partners, Grimshaw, Arup, BIG, AHMM, Haworth Tomkins, Asif Khan and AECOM.

The appointment means Arup and Grimshaw will now work on both the surrounding station development and new HS2 station itself after being picked for the HS2 project last month.

The main construction phase is due to begin in 2019  and five bidders have been shortlisted for the station.

Dan Labbad, Lendlease chief executive officer of International Operations, said: “We are proud and excited to be selected as preferred bidder to deliver the Euston OSD in partnership with HS2, Network Rail, London Borough of Camden, GLA and wider stakeholders.

“We believe this is a fantastic project in a key area of London which will provide opportunity for all and act as a catalyst for wider UK growth.”

The project will include a new interchange with the London Underground, combining Euston and Euston Square for the first time and including provision for a future connection to a potential Crossrail 2.