HB Reavis, the real estate giant, has signed a deal to be the developer of the space above Farringdon station with Transport for London (TfL). It is part of a scheme that would raise £500 million of investment in the capital.
The space above the station measures approximately 138,000 sq ft. It will be transformed once the Elizabeth Line opens in December 2018. It will be developed into a ground floor and basement retail space that also come with seven storeys of high-quality office space including a fitness facility, a terrace, and a parking space for bikes that can be accessed from the Cycle Superhighway that is connecting King’s Cross and Elephant and Castle.
The construction on the station is scheduled to start at the end of the year. It will coincide with the launch of the Elizabeth Line which is said to serve 41 stations and stretch by more than 60 miles from Heathrow and Reading in the west, through tunnels that are located in central London, to Abbey Wood and Shenfield in the east.
The said deal with HB Reavis comes after some similar agreements hatched with TfL on stations including Bond Street. A 110,000 sq ft of floor space located above the western ticket hall that has six floors of office accommodation above the station, served by an entrance lobby on Davies Street is being developed by Grosvenor Britain & Ireland.
A planning permission has also been awarded for 36,000 sq ft of retail, a 40,000 sq ft theatre, and 209,000 sq ft of offices at the eastern ticket hall of Tottenham Court Road on the corner of Oxford Street and Charing Cross Road. Derwent is set to appoint a main contractor later in 2018.
Derwent has begun enabling works with the target of appointing the main contractor later during the year.
Th director of commercial development at TfL, Graeme Craig, stated: “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.”