Derwent has teamed up with Crossrail to redevelop the site, which forms part of the over-site development of the new Crossrail Station at Tottenham Court Road East.
The partnership has said that they will soon be submitting a planning application for the redevelopment of the 500,000 square foot site, designed by Allford Hall Monaghan Morris and Arup.
The application to be submitted will outline details of a mixed use scheme that will include shops, offices and flats on the site of the former Astoria music hall.
The site was acquired by Crossrail using a Compulsory Purchase Order in 2009 and, following the redevelopment, is expected to be bought by the Real Estate Investment Trust (REIT).
REIT will buy the site back when the east-west Crossrail line is completed, thought to be in 2017.
New developments on areas surrounding the proposed Crossrail stations are set to increase. Estates Gazette has reported that joint ventures between Grosvenor, Cardinal Lysander and Aviva Investors are all due to submit planning applications near Crossrail sites in the coming months.
