Mersey 1 Limited, a joint venture of Sellar Property Group and Hong Kong’s MTR Corporation, is in the early stage of negotiations with Network Rail with a view to entering into a development agreement for Liverpool Street, the UK’s third busiest rail station.
Network Rail has a long-term vision for the station to improve accessibility and reduce passenger congestion, widening the south entrance.
The joint venture has exclusive rights in the Andaz Hotel at the station, which is considered to be “uniquely located to deliver the significant degree of improvement in permeability and accessibility that is required at the station”, Network Rail says.
The proposed redevelopment would involve repurposing the Andaz Hotel; construction of a new two-level station concourse with more circulation space; construction of a new hotel; and construction of a new office building and associated ancillary facilities.
The proposed redevelopment would also improve the main southern entrances by removing 50 Liverpool Street (owned by Network Rail) and remodelling the southeastern entrance.
Costs to complete the overall project are currently estimated “on a very preliminary basis” to be around £1.55bn, Network Rail said. The parties are looking towards January 2023 for a contract award.