Transport for London (TfL) has signed an agreement with developer HB Reavis to build an oversite development above the new Farringdon Elizabeth Line station.
TfL said the new seven-storey, mixed use building was part of a huge programme of Elizabeth Line property development which could raise £500M to be reinvested into improving transport in London.
Consultant Arup was the initial structural, and mechanical, electrical and public health engineer, on the development, but has since been replaced by Buro Happold which is doing the detailed design.
Construction of the development is programmed to start later this year.
TfL director of commercial development director Graeme Craig said: “With the arrival of the Elizabeth line, Farringdon will become one of the best connected places in London. We are therefore delighted to have reached this agreement with HB Reavis at this superb location.
“As a key part of our huge development pipeline, the Elizabeth line schemes are directly opening up opportunities for new homes and jobs, and could raise £500M to reinvest in London’s transport network.”
TfL said plans were in place for 12 major developments over and around the new Elizabeth line stations and construction sites.
Developer Grosvenor Britain & Ireland already has an agreement to develop a six-storey building above Bond Street station’s western ticket hall.
Farringdon station has already got an agreement in place to develop a six-storey building over the eastern ticket hall with developer Helical.
The site above Tottenham Court Road’s eastern ticket hall, on the corner of Oxford Street and Charing Cross Road, has also got planning permission for a new over site development including a new theatre. A main contractor for the scheme is expected to be appointed later this year.
Network Rail is also pushing for over site developments and currently looking to develop buildings above Clapham Junction station, Victoria station – in London and at Crewe station with the arrival of the High Speed 2 line.
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