Transport for London has signed a development agreement with HB Reavis which will see a 138,000 sq ft mixed use development built above the new Crossrail platforms at Farringdon station.

Situated above Cowcross Street and Farringdon Road, the scheme will include ground floor and basement retail spaces and seven storeys of “high-quality” office space.

Graeme Craig, TfL’s Director of Commercial Development, said “With the arrival of the Elizabeth line, Farringdon will become one of the best connected places in London.

“We are therefore delighted to have reached this agreement with HB Reavis at this superb location.

“As a key part of our huge development pipeline, the Elizabeth line schemes are directly opening up opportunities for new homes and jobs, and could raise £500 million to reinvest in London’s transport network.”

Steven Skinner, Transactions Director of HB Reavis UK, said: “We are delighted to have secured the acquisition of this strategically important site.

“The addition of the Elizabeth line at Farringdon station, creating the only station where the Tube, Thameslink and Elizabeth lines intersect, secures Clerkenwell as a sub-market with huge relevance across the whole of central London and reaffirms our commitment to invest in locations with superb connectivity and unique character.

“As with all of our buildings, we have put design quality and the needs of occupiers first.

“The design changes proposed for the scheme result in a unique product offering for Clerkenwell with large floor plates, uncompromised office space combining seamlessly with a real focus on the wellbeing of its occupants through carefully designed large scale outdoor spaces, a re-thinking of the traditional office reception and provision of spaces for health and fitness.”