Designed by Charles Holden, the site at 55 Broadway has been home to LU since 1929 but is no longer considered fit for purpose.
Last year Transport for London invited architects to submit proposals for its redevelopment and in May announced that TateHindle had been appointed to transform the site into a “residential led” development.
The two have worked with English Heritage to ensure the scheme respects and preserves the building’s history and architectural significance.
TateHindle’s proposals include demolishing the adjacent Petty France building to create a new entrance court, separating the residential parts of the development from the station.
They also plan to re-establish the original route from Victoria Street to the St James’s Park ticket hall. In addition, there will be new stone paving outside the building and improved views of its sculptures.
On Monday TfL announced that 22 per cent of homes created by the scheme will be affordable, “including a number of high quality three bed duplex flats for social housing for families.”
Proposals for the site, which will also include new retail units, will go on display at St James’s Park station from Tuesday 16th to Friday 19th September.
TfL has also announced a review of its entire property holdings to identify additional sites suitable for redevelopment to help meet the demand for new housing and commercial space.
Funds raised from the 55 Broadway scheme and other projects will be reinvested in the transport network, helping to reduce TfL’s reliance on fares for its income.
Graeme Craig, TfL’s Director of Commercial Development, said: “Our aim is to make life in London better and help keep the city working and growing.
“This means recognising our role as the custodian of one of London’s largest and most valuable property portfolios and developing our assets for the benefit of the city.”
Some groups on the London Assembly have criticised the level of affordable homes the project will deliver.
Green party Assembly Member Darren Johnson who has accused Mayor Boris Johnson of “selling the family silver, whilst leaving Londoners without any long term benefit in terms of housing that will stay affordable.”
He said: “The Mayor should be using every opportunity he has to increase the amount of social housing in London, as that is the best way of putting a brake on run-a-way prices.
“Instead, the Mayor is adding fuel to a rising property market by allowing Transport for London to build and sell luxury flats in central London and Earls Court.”
Labour’s housing spokesman Tom Copley called on TfL and the Mayor “to go back and look again at the weighting they are giving to affordable housing on the Broadway development.”
He added: “Whilst we must seek best value for the taxpayer, this shouldn’t mean average people are priced out of the market. With 78% of the homes on this development not affordable that is that will happen.”
