Slovakian property developer, HB Reavis, has acquired the rights to build a £120 million office building above Farringdon’s new Crossrail platforms. The company agreed the deal with Transport for London on Monday.
The office block will be built above the new Crossrail platforms on the corner of Cowcross Street and Farringdon Road. The building will consist of 128,000 square feet of offices, shops and a gym set across a seven-storey building. The property firm expect to start construction this year and finish the project by 2020.
This project is one of the 12 major projects which are planned around new Elizabeth line stations. TfL expects to raise £500 million from these, which it plans to reinvest back in the capital. The Elizabeth line is expected to have two hundred million passengers a year. This is why investors are desperate to create retail and office locations in the vicinity of new stations, hoping to take advantage of the growth and higher footfall of these areas.
This is HB Reavis’s fifth acquisition in London and they emphasise placing user wellbeing at the centre of the new development. Plans for the building have been designed by British architecture practice John Robertson Architects. The seven floors of office space have been reconfigured to create open and flexible floorplates of up to 2,700 square metres. The company also aims to have one of London’s highest office space to terrace ratios of approximately 12%. When it comes to London offices, the company claims these will be some of the highest quality.
Upon Crossrail’s completion, Farringdon will be the only station where the Elizabeth line, London Underground and Thameslink meet. This will make Farringdon one of the most accessible areas in the UK.
Graeme Craig, TfL’s Director of Commercial Development, 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”.