Transport for London and HB Reavis have signed a development agreement for a £120m, 138,000 sq ft mixed-use scheme to be built above Farringdon’s new Crossrail platforms on the corner of Cowcross Street and Farringdon Road on the western side of the site.
It will house retail on the basement and ground floors with a further seven storeys of office space featuring a terrace and fitness facility. Construction is expected to start later this year and complete in 2020.
The scheme is one of 12 major developments planned for over and around the new Crossrail stations, providing a total of 3m sq ft of office, retail and residential space between Paddington and Woolwich.
Derwent London is already on site with Soho Place above Tottenham Court Road’s eastern ticket hall, while agreements are in place with Helical for a scheme above the eastern ticket hall at Farringdon Station.
Grosvenor has reached an agreement for a development over Bond Street Station’s new western ticket hall and an agreement with Great Portland Estates for its Hanover Square project over Bond Street Station’s eastern ticket hall, which will be fully handed over to the developer this summer.
Steven Skinner, transactions director of HB Reavis UK, said: “The addition of the Elizabeth line at Farringdon station, creating the only station where the Tube, Thameslink and Elizabeth lines intersect, secures Clerkenwell as a sub-market with huge relevance across the whole of central London.
Graeme Craig, director of commercial development at TfL, said: “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.”
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