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Land Securities buys Liverpool Street properties ahead of Crossrail launch

Land Securities has agreed to purchase a £16.5m site at the western entrance of Liverpool Street’s new Crossrail station.

The developer has also submitted a planning application for two new buildings intended for office space, with room for retail and public space on the ground floor.

If accepted, the two buildings will together add 510,000 sq ft of office space.

Transport for London will have the option of participating in the development but with a financial interest of 15-25 per cent.

Land Securities will own the site on two 250-year leases at ground rents of 5 per cent of the net rents received.

The purchase was finalised after compensation arrangements were made with Transport for London on behalf of the Administrator for land required by Crossrail for its development.

This followed an agreement to acquire the site in December 2012.

The 1.9-acre site at 21 Moorfields, EC2, currently comprises vacated 1970s offices and a TfL worksite.

TfL commercial director Graeme Craig said: “This deal 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.”

Land Securities’ London portfolio managing director Colette O’Shea said: “This is a site with fantastic potential and superb connectivity located in the heart of the City.”

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