Helical has secured a new £120m (€137.5m) office-led development project at a Crossrail site in London. 

The UK focused property investment company said it has exchanged a development agreement with Transport for London with respect to the Over Station Development at the Farringdon East Crossrail Station.

A new 150-year lease is to be granted on handover of the site which is due in April 2018 shortly after which construction is expected to begin, Helical said.

The site has planning permission for a six-storey office building of 90,000sqft, incorporating a retail/restaurant unit, all above the Farringdon East Crossrail Station.

Completion of the scheme is expected in October 2019.

Matthew Bonning-Snook, the property director at Helical, said: “We are a great believer in the potential of the area given the significant impact of Crossrail and due to the wealth of cultural and public realm improvements that are planned and underway locally. 

“Our adjacent office scheme overlooking Charterhouse Square, which is fully let, together with our Barts Square project which delivers a new urban quarter to the City and Smithfield, further highlights this belief.”

Graeme Craig, the director of commercial development at TfL, said: “The Elizabeth line is set to redefine travel across our city and it is fantastic to see the sites above some of the major central London stations progressing. 

“They will deliver much-needed homes, office and commercial space and have been planned as an integral part of the development of the new railway, supporting new jobs and driving economic growth.”