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TfL agrees deal for new Crossrail Liverpool Street development

Transport for London (TfL) and Aviva Investors have reached an agreement for a major development above and around the new Crossrail station entrance and associated infrastructure at 1 Liverpool Street.

The deal will allow the development of a mixed-use scheme consisting of office and retail space around the new Elizabeth line facilities.

The developer’s proposals for the site, which are subject to planning permission, will deliver around 175,000 sq ft of lettable commercial and office space.

Aviva Investors will be granted a long lease on the development after its completion, to generate revenue for TfL.

Plans are in place for 11 other major developments above and around new Elizabeth line stations and Crossrail sites, which cover more than 3m sq ft of office, retail and residential space from Paddington to Woolwich, the operator said in a statement.

The other 11 oversite developments include another development at the opposite eastern entrance of Liverpool Street Station, two at Bond Street, two at Tottenham Court Road, two at Farringdon, and buildings at Paddington, Limmo Peninsula, Fisher Street and Woolwich.

Earlier in the year, Aviva Investors and TfL struck a similar agreement to develop on top of the Crossrail station at Moorgate.

TfL director of commercial development Graeme Craig said the Liverpool Street plan is a key part of a “huge development pipeline” that has the potential to “open up opportunities for new homes and jobs and will raise vital revenue to reinvest in London’s transport network”.

Aviva Investors head of development and global real estate James Stevens said: “Having the opportunity to develop top quality buildings immediately above the east and west entrances to Crossrail Liverpool Street is both unique and exciting.

“This transaction marks another significant step in repositioning the Aviva Investors Real Estate portfolio for growth and is set to benefit from a rapidly evolving City of London.”

The Corporation of London granted Crossrail and Aviva Investors planning permission for a six-storey mixed-use development at the western entrance of Liverpool Street Station in 2012.

Last week, Crossrail bosses warned of further budget and timescale risks in an advisory notice that said the project could bust its latest agreed budget by £394m and open later than planned in 2021.

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