Transport for London (TfL) has proposed a “huge programme of retail, commercial and residential developments” on a number of proposed Elizabeth line stations in central London as we approach the launch of the new railway. These developments, TfL says, could raise £500 million which could go towards improving transport in the capital.
Agreements have already been signed for developments above Bond Street and Farringdon stations while Tottenham Court Road’s eastern ticket hall has been handed over to a developer for a project that will see office and retail space as well as a new West End Theatre. Planning permission has already been granted for this 285,000 sq ft project that encompasses 209,000 sq ft of offices, 36,000 sq ft of retail and 40,000 sq ft for the “first new West End theatre in a generation.”
Plans are also in place for 12 major property developments around the new Elizabeth line stations and construction sites. More than three million square feet of high-quality office, retail, and residential space between Paddington in the west and Woolwich in the East are covered by these plans.
“The Elizabeth line is set to redefine travel across our city and it is fantastic to see the sites above some of the major central London stations progressing,” Graeme Craig, Director of Commercial Development at TfL, said. “These schemes will result in income of around £500m and this will be reinvested in modernising and improving the transport network.”