Aviva Investors has bought a London office development site from Transport for London for an undisclosed sum.

Aviva said it bought the long leasehold interest in 101 Moorgate to develop a 51,000sqft of office and over 2,500 sqft retail accommodation over ground and six upper floors.

The development is scheduled to complete in 2022.

Aviva said the acquisition represents the reinvestment of proceeds from its sale of 4 Matthew Parker Street, London, and the business’s ongoing commitment to the London market.

James Stevens, head of development, global real estate, at Aviva Investors, said: “This is a key development for Aviva Investors and highlights our continued conviction in London.

“Moorgate is at the epicentre of a rapidly changing urban landscape and sits at a unique confluence between historic submarkets.”

Graeme Craig, director of Commercial Development at Transport for London, said: “This site in the heart of London offers the potential for fantastic new office and retail space, supporting the city’s growth, and we are pleased to have concluded this transaction with Aviva Investors.”