Transport for London (TfL) is seeking a partner with innovative ideas to transform Down Street Tube station into a commercially viable business.
Down Street, located on a residential street off Piccadilly, is one of seven disused stations recently identified by TfL’s Commercial Development team has having potential for conversion to business use.
The venture is part of the transport operators’ goal of generating £3.4 billion in non-fare revenue from its property estate in order to reinvest it into the network.
A TfL marketing brochure describes Down Street Station as: “An extraordinary world of untapped potential, right beneath the surface of the most diverse, vibrant and exciting city in the world.”
It continues to say that it offers the opportunity to create a “unique space” that can “facilitate the aspirations of the most ambitious and creative entrepreneurial minds.”
The station opened on the Great Northern Piccadilly & Brompton Railway in 1907 and closed in 1932 due to low passenger levels.
During World War II it served as the protected underground headquarters of the Railway Executive Committee. It is also believed to have been the meeting place of Prime Minister Winston Churchill’s War Cabinet while the Cabinet War Rooms were being prepared.
Although it remains closed to the public, Down Street is still in regular use as part of the day to day operations of the London underground. TfL is seeking to lease around 4,300 sq ft of the station and work with future partners to ensure both parties can coexist.
TFL’s Director of Commercial Development, Graeme Craig, said: “The combination of space, history and location, makes this a unique opportunity. We are looking for a partner with the imagination to see the potential here and the capability to deliver it.”
A recent commercial feasibility study, conducted by architects Carmody Groarke, suggests that the underground space might suit retailers, bar and restaurant operators or gallery owners. As a result TfL will only progress schemes that are likely to receive planning permission.
To launch the tender process for Down Street Station, TfL will be hosting an informal Q&A event at the London Transport Museum’s Cubic Theatre in Covent Garden beginning at 9.00 am on 12 May 2015. Registration is required and restricted to two representatives per company.
To reserve a place, interested parties are asked to contact disusedstations@tfl.gov.uk leaving a company name and a telephone number.
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