Out-Law News 1 min. read
21 Jun 2012, 4:13 pm
The proposed plans include a six storey high building that would be used to provide "high quality" office space, with retail units at street level. Applications have been submitted to the London Borough of Islington and the City of London Corporation.
The Farringdon development would cover 207,000 square feet in total and, located at the interchange of Crossrail and Thameslink, would have direct connections to three of London's five airports.
Cardinal Lysander was given the first option to develop the site above Farringdon ticket hall as it was the majority landowner before the site was purchased. Because the development is situated above the station, it is not covered by the Crossrail Act and so is subject to the usual planning approval process.
Subject to planning permission, the privately funded 'over-site' development is expected to commence during the latter stages of work to construct Farringdon Crossrail station. Crossrail services are due to start in 2018.
"Our proposed developments will accelerate the area’s regeneration, helping Farringdon re-emerge as a destination in its own right,” said Ian Lindsay, Crossrail land and property director.
Applications for developments above proposed Crossrail stations have so far been approved for Bond Street East (Hanover Square), 101 Moorgate and developments above the Crossrail Tottenham Court Road station.
Crossrail has entered into a number of collaboration agreements with existing landowners to deliver the over-site developments and intends to procure development partners at other sites where collaboration agreements are not in place yet, it said.
The proposed 'Farringdon interchange' is planned to have over 140 trains per hour passing through the station. Proposals include two platform tunnels, each the length of two football pitches, linking two new ticket halls.