TfL has sold the offices and shops above its Holborn tube station for a reported £40 million to an investment company. As part of the sale to Aprirose, TfL will continue to generate ongoing revenue to reinvest in the transport network.
The block, known as Holborn Central is an island site with nearly 69,000 sq ft of multi-let offices and retail above the tube station.
Graeme Craig, Director of Commercial Development at TfL, said: “Our investment strategy will continue to see us undertaking a small number of targeted disposals whilst we concentrate our own development activity on Build to Rent in outer London to generate ongoing revenue as well enabling us to provide high levels of affordable housing.”
The sale shouldn’t affect the plans to upgrade Holborn station, as those didn’t call for major changes to the frontage of the station or the ground floor of the ticket hall. The main changes would be below ground, and the construction of a second entrance further down High Holborn.
However, the planned upgrade has been put on hold due to the financial squeeze, and is now not expected to even start until 2023/4 at the earliest. The upgrade had been expected to start in 2021.