The building has been home to LU since 1929 but is no longer considered fit for purpose and TfL last year invited architects to submit proposals for its future use.
A number of options, including proposals for office and hotel use, were submitted but TfL says a residential development will secure the best long-term value for fare and taxpayers while also maintaining the Grade I listed building’s heritage.
All monies raised will be reinvested in the transport network and TfL says it’ll retain the site’s freehold, ensuring Londoners benefit from any increase in its value.
TateHindle and TfL will now draw up proposals for the planning application.
Graeme Craig, Director of Commercial Development at TfL, said: “We remain committed to securing a future for the building that ensures it remains a valued part of the fabric of London.
“We also have a responsibility to fare and taxpayers to make sure that any redevelopment of 55 Broadway is a commercial success, with all proceeds reinvested in London’s transport network to deliver increased and improved services.”
Andrew Tate, Director of TateHindle, said: “We are delighted to have won this important commission to work in collaboration with TfL on the 55 Broadway project.
“Our design objective is to breathe new life into the building with a particular focus on enhancing it’s setting, whilst remaining respectful of its cultural heritage and architectural integrity.”
