Crossrail has submitted plans to Westminster City Council for the regeneration of Tottenham Court Road and the east end of Oxford Street, including the former Astoria site.

The plans, submitted in conjunction with Derwent London, propose two above ground developments located over each ticket hall of the integrated Tottenham Court Road station that will serve both Crossrail and London Underground passengers.

The 500,000 sq ft of premium retail, office and residential accommodation will cover four blocks, boosting the economy in the eastern end of Oxford Street and Tottenham Court Road. It will also deliver a significant contribution towards the Crossrail funding package.

A new theatre to replace the former Astoria Theatre is proposed. Derwent London has entered into an agreement with Nimax who will operate a new 350 seat theatre.

London Underground and Crossrail have also proposed detailed plans to renew and upgrade the public spaces around the eastern ticket hall and St Giles area.

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A new open pedestrian space linking Soho Square and Charing Cross Road will create new views of the Square and of St. Patrick's Church.

Ian Lindsay, Crossrail Land and Property Director said: "These development plans will enhance Oxford Street and Charing Cross Road as a thriving cultural and retail destination. The quality of the new commercial space created will help attract major retailers to the eastern end of Oxford Street and boost the wider regeneration of the area.

"Crossrail will be submitting further above ground development planning applications for other station sites in central London over the coming months including at Bond Street and Farringdon. This will help us to make the most of the development and regeneration opportunities Crossrail is bringing to London."

The proposals link into wider efforts by London Underground, Crossrail, Transport for London (TfL), Camden Council, Westminster City Council and Design for London to improve the area around St Giles Circus. A new public piazza will also be created providing a distinctive new landmark for the West End.

The arrival of Crossrail will make Tottenham Court Road a major West End transport hub. 150,000 passengers use Tottenham Court Road station every day. That number is expected to rise to more than 200,000 when Crossrail services commence in 2018. Crossrail will link the West End to Canary Wharf in 12 minutes, Stratford in 13 minutes and Heathrow in less than 30 minutes.

In total, £1bn is being spent to build the new Crossrail station and upgrade the capacity of the Tube station.

The private sector-funded over-site developments will be built once work to construct Tottenham Court Road station is complete in 2017. Crossrail will commence services in 2018.

(CD)