Crossrail hands over Soho Place site to Derwent London for retail revamp and new West End theatre over Tottenham Court Road station
Crossrail has handed over a West End site to developer Derwent London for work to get underway to develop a major £260m project over Tottenham Court Road station encompassing offices, retail and a new theatre.
Crossrail land and property director, Ian Lindsay, said:
This is the first Crossrail site to be handed over for full construction of the development above.
Tottenham Court Road is our flagship development with Derwent London and our highest value commercial site.
The creation of new retail and commercial space including the first new West End theatre in a generation, will not only support the continued regeneration of Oxford Street but will help shape the future of this historic area in central London.
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Derwent will now start enabling works, and intends to appoint a main contractor later in the year to prepare the space for the 285,000 sq ft project, ahead of the Elizabeth Line fully opening by December 2019.
The Elizabeth Line, as it will be known when it opens through central London, will serve 41 stations and stretch across more than 60 miles from Reading and Heathrow in the west through tunnels in central London to Shenfield and Abbey Wood in the east.
The Crossrail project has worked on a new station for Tottenham Court Road and ticket hall at Dean Street in Soho.
Up to 150,000 passengers use Tottenham Court Road station every day and that is expected to climb past 200,000 when Elizabeth Line services are fully underway.
John Burns, Derwent’s chief executive, said: “The Elizabeth line will transform London and we are delighted that Derwent London, working alongside Crossrail, will be responsible for developing one of its most important sites at the eastern end of Oxford Street.
“The scheme will create a vibrant mix of office, retail and theatre use over what is expected to be one of its busiest central London stations and in a fast improving location at the heart of central London.”
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