Slovakian property developer, HB Reavis, has agreed a deal allowing them to build a £120 million office block, located above Farringdon’s new Crossrail platforms.
HB Reavis have acquired the rights from Transport for London, for the “over-site development” located on the corner of Cowcross Street and Farringdon Road. The property firm expects to start construction later this year. A nine-storey mixed use project, will include a basement and ground floor retail space, with seven-storeys dedicated to office space. Current completion plans date 2020.
This is the latest deal to be signed between TFL and developers, for over-site developments above the new Elizabeth line stations.
HB Reavis are not the only investors to have ploughed money into retail and office buildings near the new stations. This is part of one of the 12 major building projects, planned over and around stations, between Paddington and Woolwich. These major projects are expected to cover more than 3 million square foot of development space, and raise £500 million for the Transport for London to reinvest into the Capital.
In March, Grosvenor signed a deal and acquired a 110,000 square foot development above Bond Street’s western ticket hall. Helical Bar signed a deal for a 120,000 square foot office development above Farringdon’s eastern entrance.
London based property investment and development company Derwent, secured the site above Tottenham Court Road’s eastern ticket hall back in January, while Great Portland Estates has an agreement for a 325,000 square foot scheme above Bond Street station.
It is believed two hundred million passengers are expected to use the new line each year making them prime locations for a high shopper footfall and businesses looking to open new HQ’s.
Steven Skinner, Director of HB Reavis, said this company is committed to investing “in locations with superb connectivity and unique character.”
Graeme Craig, TFL director of commercial development said “With the arrival of the Elizabeth line, Farringdon will become one of the best connected places in London. As a key part of our huge development pipeline, the Elizabeth line schemes are directly opening up opportunities for new homes and jobs.”
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