The successful sale provides reassurance to workers and subcotractors in the rail industry and continuity for projects around the country.

The transfer of Network Rail contracts operated by Carillion Construction to Amey Rail includes projects in the East Midlands, London and North West England.

Matthew Steele, commercial director Network Rail said: “This is a positive step for the industry, ensuring the delivery of a number of major rail projects across the country while safeguarding an expected 700 jobs and the wider supply chain.

“We look forward to working with Amey to enable a smooth transition and ensure the ongoing safe working on our sites.

“We do recognise that this has been a very unsettling period for the employees of Carillion and would like to thank them for the continued commitment to the delivery of these projects.

“We remain focused on the transfer of remaining projects and employees to new arrangements over the coming weeks and months.”

Network Rail continues to work closely with the Official Receiver’s special manager – PwC – to seek long term transition arrangements for the remaining contracts and staff.

Remaining contracts continue to be delivered under a Network Rail arrangement with PwC to enable an orderly transition.

Last month, it was agreed that PwC will pay Carillion employees’ wages for work done on and supporting Network Rail’s contracts until after Easter.

Many of Carillion’s smaller rail suppliers were paid the arrears they were owed to ensure the continued delivery of important projects.

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.