moorgate stationPlans to convert a 1970s office block in the heart of the City of London into a modern 500,000sq ft business development have moved a step closer.

Land Securities has submitted a planning application for two new office blocks that will also have retail space at 21 Moorfields, which is next to Moorgate tube and the western entrance of the crossrail station at Liverpool Street.

Since the developer agreed to pay £16.5m for the leasehold interest of the 1.9 acre site in December 2012, it has had to negotiate a new development head lease with Transport for London and conclude compulsory purchase compensation arrangements on behalf of the administrator for land required by Crossrail for its development.

Before construction works gets underway, TfL will have the option of participating in the development by taking a stake of between 15% and 25% in the project.

TfL director of commercial development Graeme Craig said: "This deal with Land Securities is a fantastic example of the work we're doing to make the most of our assets while 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."

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