The scheme has been drawn up by a three-way joint venture between Shard builder Sellar, Elizabeth Line operator MTR and Network Rail.

The £1.5bn scheme will include a £450m programme of infrastructure works funded through the private sector partnership to upgrade the station to alleviate over crowding.

A fresh vision for Liverpool Street station is being developed in collaboration with architect Herzog & de Meuron to create a transport hub also delivering new retail and leisure for visitors, passengers, and the local community.

The plans include a new 16-storey block above the concourse comprising 6-floors for a new Andaz hotel, operated by Hyatt and 10 floors of offices.

As part of the plan the former historic Grade II listed Andaz hotel, which originally opened as the Great Eastern hotel in 1884, will also be sensitively restored.

Its historic rooms, including the masonic temples and ballroom, will be made more accessible to the public, providing unique meeting, leisure, and exhibition space.

Public consultation will begin on 21-23 November 2022 at the Andaz London Liverpool Street hotel, ahead of an anticipated planning application submission next  year.

James Sellar, Chief Executive at Sellar, said: “While working patterns have shifted post-COVID, passenger numbers are rebounding quickly and it is vital we continue to invest in London’s transport infrastructure.

“Our vision to significantly upgrade Liverpool Street station will alleviate its chronic overcapacity issues and future-proof it for generations at zero cost to the tax or fare payer.

“We believe that the proposed station upgrade will also help ensure that the City remains competitive and maintains its position as one of the world’s most innovative, inclusive and sustainable business ecosystems and as a highly attractive place to invest, work, live, learn and visit.”