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50% of flats sold as £140m London station scheme starts

Having completed the acquisition of a prominent site close to the junction of London’s Oxford Street and Tottenham Court Road, developer Galliard Homes is about to start construction of a residential-led development that will provide 92 homes and will be worth £140 million on completion.

Dubbed TCRW Soho, the project is already over 50% sold off plan, with over £75 million worth of sales achieved.

The development, which will cost £55 million is located over the western entrance to the new Elizabeth Line (formerly Crossrail) station at Tottenham Court Road station.

The project has been acquired from Transport for London, the capital’s transport authority. It will comprise 6,937 sq m of residential space and 923 sq m of ground floor retail space and will take two years to complete.

The designs provide two new buildings, one providing 69 apartments and an Oxford Street retail unit. The other will provide 23 apartments, retail space and kiosks.

Savills acted for TfL and helped to negotiate the purchase agreement with Galliard Homes.

The delayed opening of the Elizabeth line is expected in the first half of 2022 and it is expected to serve up to 200 million passengers per year. The new interchange at Tottenham Court Road is likely to be one of London’s busiest stations.