Crossrail has completed the base infrastructure works at Soho Place, on the corner of Oxford Street and Charing Cross Road, directly above Tottenham Court Road station
As a result, the site has now been handed over to Derwent London, which has permission to develop two buildings on top of the station.
The larger building stands on the corner of Oxford Street and Charing Cross Road and incorporates the station entrance, along with 37,000 sq ft of retail space and 177,000 sq ft of offices over eight floors above. Complementing this, to the south is a self-contained 350-seat theatre, with 27,000 sq ft of offices above.
It is the first Crossrail site to be delivered to a developer for an oversite development.
The initial agreement to develop the site above the existing Tottenham Court Road London Underground station was agreed in 2007 but the Derwent surrendered its existing holdings in the area in 2009.
Planning permission was granted in 2012.
A revised agreement was then signed in 2015 which saw Derwent sign a new 150-year lease in return for the payment of £55 million. This only becomes payable once the development reaches practical completion.
In addition, Crossrail will receive a ground rent equivalent to 5% of the rent on the commercial space and receive 16% of any development profit. Work is due to start in Q1 2018.