A mixed-use development, which forms part of the Elizabeth line property development programme, has been formally signed with the potential to add millions of pounds on transport improvements in London.
The latest in what is series of development sites as part of the Elizabeth line scheme, will see a 138,000 sq ft mixed use scheme created above Farringdon’s Elizabeth line platforms, situated on the corner of Cowcross Street and Farringdon Road.
It will contain retail space on the ground floor, along with seven storeys comprising of office space, a terrace, fitness facility and cycle provision.
Expected to commence later this year, the construction scheme above Farringdon station is one of 12 major developments that are taking place in spaces in and around the various Elizabeth line train stations; these cover three million square feet and in total, are expected to raise £500 million for transport improvements in the capital.
TfL and HB Reavis have signed a deal to construct the mixed use scheme at Farringdon, and Graeme Craig, Director of Commercial Development at TfL, explained this project and others like it.
He 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 £500 million to reinvest in London’s transport network.”
Other projects that will raise investment for transport improvements in London include at Bond Street station, where 110,000 sq ft of floor space will be developed above the western ticket hall.
It shows the wide-ranging reach of the Elizabeth line project; this huge infrastructure project will not only transform and redefine transport in the capital – with 200 million passengers expected to use it each year – but it will help to provide jobs, and enable spaces around the stations to be used in order to generate money that can be invested in the city of London for generations.