Transport for London (TfL) has received approval from the UK Government to begin work on the £563m upgrade of London Underground’s Bank Tube station in 2016.
Bank Station is the third busiest station on the Tube network, used by more than 52 million passengers a year.
Scheduled to be completed in 2021, the upgrade will increase the station’s capacity by 40% by improving accessibility and reducing interchange times.
Over the last decade, demand at the station increased by more than 50% and the upgrade is a major step in TfL’s future plan to increase frequency on the Northern line.
The Bank Station upgrade project team and main contractor Dragados are reconfiguring the station, which will result in shorter interchange times, less congestion, step-free access and quicker journeys in and out of the station.
Work will include a new railway tunnel and platform for the Northern line to reduce interchange times and create more space for passengers, step-free access to the Northern line and DLR platforms. In addition, it will also comprise more direct routes, with two new moving walkways, three new lifts and 12 new escalators, as well as a new station entrance in Cannon Street.
London Mayor Boris Johnson said: "Bank is a vital interchange for passengers and it is crucial that the station is able to keep up with the increasing demand placed on it.
"These exciting plans will completely transform the station, making it more accessible and much easier for everyone to use.
"It’s great news for the tens of thousands who use the station every day that these plans have been approved, and is another major step in our work to transform the network and support our growing capital."
According to TfL, the station will remain open to customers throughout the construction work, which will take place below ground to minimise construction impact on the site, which is bordered by 31 listed buildings.
London Underground managing director Nick Brown said: "Improving Bank station is at the heart of our multi-billion pound investment programme to improve and expand the Tube.
"This critical and ambitious station upgrade will create a new southbound Northern line railway tunnel and platform to vastly reduce interchange times.
"A new station entrance on Cannon Street will also be constructed alongside a range of other major improvements to create more direct routes, improving accessibility for the millions of Tube customers who use Bank station each year."
The redevelopment will complement other development work, which will create a new entrance to the Waterloo & City line.