The proposed major project is at an early stage of development although an indicative construction cost has been put at £1.5bn, according to initial estimates seen by the Enquirer.

The project would be Sellar’s third major station scheme in the Capital following the Shard at London Bridge Station and the Paddington Square project at the Great Western terminus.

Liverpool Street is the third busiest station in the UK and has significant overcrowding problems which Network Rail Infrastructure is keen to tackle.

It wants to improve access and passenger flow at the station to allow for future passenger growth, while freeing Sellar to bring forward 1m sq ft of office, retail and hotel space around the southern and south east entrances.

Sellar holds exclusive development rights over the Andaz Hotel, which would form part of the major redevelopment scheme, while Network Rail owns the Victorian 50 Liverpool Street Building, which would be demolished to improve station access.

The proposed redevelopment plan would also involve construction of a new two-level station concourse with greatly increased circulation space, construction of a new hotel and a major office building and associated ancillary facilities.

Network Rail and Sellar are now in formal talks with view to entering into a development agreement by 2023.