Plans have been submitted for a major 500,000 sq ft development including an office complex above the new Crossrail station at Moorgate in the City of London according to developer Land Securities (LandSec).



LandSec has announced this morning that it’s purchased for £16.5m the former home of the investment bank Lazard at 21 Moorfields.



At the moment the site features (if that’s the right word!) an old dilapidated 1970s office block which has already been vacated a building site close to the western entrance of Liverpool Street Crossrail station as well.



Plans have been submitted for the construction of two new office blocks which will consist of 410,000 sq ft and 100,00 sq ft which will be anchored around a new public space and plaza in the centre.

LandSec has taken on a 250 year lease with a ground rent being levied of 5% of net rents received and when construction commences, TfL will have the chance to participate in the development with a financial stake of between 15-25% with TfL sharing all the costs if it takes up the option.

It’s likely that work will start on the project in 2018 when the Crossrail station has been completed.

Commenting on the purchase, Colette O’Shea, Managing Director, London Portfolio at Land Securities, 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.”

Graeme Craig, Director of Commercial Development at TfL, said: “This deal with Land Securities is a fantastic example of the work we’re doing to make the most of our assets whilst generating long-term revenue for us to reinvest back into our network. Our partnership will enable the development of office space in the heart of London as well as retail space.”