Land Securities has bought the leasehold of a 1.9 acre site near Liverpool Street for £16.5m, paving the way for a huge regeneration ahead of the launch of Crossrail.
Land Securities took out a three-year option to buy 21 Moorfields in 2012. Its previous owners had collapsed in 2010 and EY had been acting as administrators.
The deal has paved the way for the company to submit plans for a 500,000 square feet office campus on the site, which will be above the new Crossrail station at Moorgate.
The FTSE 100 property company is proposing two buildings of 410,000 sq ft and 100,000 sq ft centred around a public square and with shops on the ground floor.
It has also signed a development head lease with Transport for London, which has the option of participating in the development with a financial interest of 15 to 25 per cent.
Colette O’Shea, the head of Land Securities’ London portfolio, said: “This is a site with fantastic potential and superb connectivity, located in the heart of the City, adjacent to Moorgate station and the western entrance to Liverpool Street Crossrail station.”