The development proposals for Tottenham Court Road include plans for two buildings that would rise above each ticket hall of the new Tottenham Court Road station, which will serve Crossrail and London Underground passengers.
The plans were submitted by Crossrail in conjunction with Derwent London and include 500,000 square feet of retail, office and residential accommodation, which would cover four blocks.
If full planning permission is granted on successful completion of a section 106 planning agreement, it will deliver a significant contribution towards the Crossrail funding package, the developers said.
A new theatre is planned to replace the former Astoria Theatre and Derwent London has entered into an agreement with Nimax, which will operate the new 350 seat theatre.
Plans have also been approved for a scheme to renew and upgrade the public spaces around the eastern ticket hall and St Giles High Street area, which would include a new open pedestrian space linking Soho Square and Charing Cross Road.
“The £1bn redevelopment of Tottenham Court Road station provides a once in a generation opportunity to revitalise the eastern end of Oxford Street," said Ian Lindsay, Crossrail land and property director. "The plans including high-quality offices and shops will enhance the Oxford Street and Charing Cross Road area as a thriving cultural and retail destination.”
It is planned that Crossrail will make Tottenham Court Road a major West End transport hub, said Crossrail. 150,000 passengers use Tottenham Court Road station every day. That number is expected to rise to more than 200,000 when Crossrail services commence in 2018.
Crossrail will link the West End to Canary Wharf in 12 minutes, Stratford in 13 minutes and Heathrow in less than 30 minutes.
Developer Almacantar has also begun consulting on proposals to develop 82 new homes in the nearby Centre Point building. The plans include a "comprehensive redevelopment" of the ground floor which intends to create an open air piazza and courtyard to rival nearby Covent Garden.
The private sector-funded over-site developments at Tottenham Court Road station will be built once work to construct the new station is complete in 2017. Crossrail will commence services in 2018.
