Crossrail hands Soho Place over to Derwent London

Derwent said it's the first site to be delivered to a developer and this has been achieved almost a year before the Elizabeth line is due to open.There is planning for a 285,000 sq ft project over Tottenham Court Road station comprising offices, retail and a theatre.

Derwent London will now start enabling works with the intention of appointing a main contractor later this year.

Chief executive officer John Burns said: "The Elizabeth line will transform London and we are delighted that Derwent London, working alongside Crossrail, will be responsible for developing one of its most important sites at the eastern end of Oxford Street. The scheme will create a vibrant mix of office, retail and theatre use over what is expected to be one of its busiest central London stations and in a fast improving location at the heart of central London."

The Elizabeth Line will stretch more than 60 miles from Reading and Heathrow in the west through central tunnels across to Shenfield and Abbey Wood in the east. It will stop at 41 accessible stations, 10 newly built and 30 newly upgraded, and is expected to serve around 200 million people each year.

Ian Lindsay, Crossrail Land & Property director, said: "The creation of new retail and commercial space including the first new West End theatre in a generation, will not only support the continued regeneration of Oxford Street but will help shape the future of this historic area in central London."

At 1440 GMT, the shares were up 1.3% to 3,024p.