New Addition to Oxford Street Underway

Galliard Homes has completed the purchase of TCRW SOHO from Transport for London (TfL) and is starting work on the £140m residential scheme above the new western station entrance at Tottenham Court Road serving the Elizabeth line.

Proposed Oxford Street Elevation

The developer’s construction arm commenced the £55m two-year construction project on 13th February to build the 92 high quality residential apartment over-station development (OSD). The scheme sits above flagship ground floor shops creating two distinctive buildings fronting Oxford Street and Dean Street.

aspireDM were appointed as Development Manager by TfL in January 2019, to negotiate the Agreement to Lease and Lease & Construction Works Agreement. We worked closely with asset management colleagues at TfL and alongside Savills to conclude rigorous competitive bidding rounds before selecting Galliard Group and leading the negotiations to conclude the terms and agreements in November 2019.

aspireDM were retained to manage the handover of the over station and around station areas being constructed by Crossrail’s contractor Laing O’Rourke. These works were completed on the 11th February allowing the transaction to complete and Galliard to take possession of the development and surrounding streets to erect their crane on programme.    

Crane above the Elizabeth line, Tottenham Court Road ticket hall and prime retail unit fronting Oxford Street

Designed by architect Hawkins\Brown with specification and interior design by Argent Design, TCRW Soho is scheduled for completion in Summer 2023.

Of the two new buildings, one is Art Deco in style providing 69 apartments over the 8,000sqft Oxford Street retail unit. The other is Georgian-inspired in style, providing 23 apartments over the 2,000sqft of new retail accommodation and kiosks fronting Dean Street and Fareham Street.

Nigel Pickup, Head of Commercial Property at TfL, said: “We are delighted to have completed the deal with Galliard Homes to develop above and around the new western entrance to Tottenham Court Road station. The Elizabeth line is set to redefine travel across our city and play a key part in supporting a green recovery. This scheme is one of many that have been planned as an integral part of the development of the new railway, which together will deliver new homes, office and commercial space in the capital.”

Dean Street Elevation

TCRW Soho is already over 50% forward-sold off-plan, with over £75m worth of sales, reflecting ongoing demand for homes in Central London.

Don O’ Sullivan, chief executive of Galliard Homes, said: “TCRW Soho is an example of a best practice residential-led regeneration project located above this 21st Century, new entrance to a key central London transport interchange giving the homeowners doorstep access to the West End and Soho.”

With the Elizabeth line expected to open in the first half of 2022, the new interchange at Tottenham Court Road will be one of London’s busiest stations. The ticket hall and underground station will be accessed via Dean Street and the interchange will offer access to the Elizabeth line and the Northern and Central underground lines.