Transport for London has announced that they have signed an agreement, which could raise £500m for reinvestment in improving transport in London.
The agreement has been signed between Transport for London and HD Reavis to build 138,000 sq ft of Gross Leasable Area for mixed use above Farringdon's new Elizabeth line platforms.
Construction above Farringdon station is expected to start later this year.
Plans are now in place for 12 major developments over and around the new Elizabeth line stations.
The developments are expected to raise £500m for reinvestment in improving transport in London.
What did the officials say?
Graeme Craig, Director of Commercial Development at TfL, 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 £500 million to reinvest in London's transport network.'
Steven Skinner, Transactions Director of HB Reavis UK, said:
‘We are delighted to have secured the acquisition of this strategically important site.
‘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 and reaffirms our commitment to invest in locations with superb connectivity and unique character.
‘As with all of our buildings, we have put design quality and the needs of occupiers first.
‘The design changes proposed for the scheme result in a unique product offering for Clerkenwell with large floor plates, uncompromised office space combining seamlessly with a real focus on the wellbeing of its occupants through carefully designed large scale outdoor spaces, a re-thinking of the traditional office reception and provision of spaces for health and fitness.'
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Other towns on the Elizabeth Line such as Brentwood, Slough, Maidenhead, Reading and are having more new homes and apartments being built near to the stations so that commuters can commute into London from these places. Including Romford, Ilford, Stratford, Ealing Broadway, Southall, Woolwich & Abbey Wood. As well people commuting to Canary Wharf which the Elizabeth Line will serve the financial district in the London Docklands as well as interchange with Jubilee Line and the DLR. Plus with interchanges at other stations with Central Line, District Line, other tube lines, London Overground, National Rail lines and buses.