Under local pressure for more housing, the proposed rejigged scheme will now have twice the number of homes at 500 units and a landmark office tower has been cut in height from 46 storeys to 29 storeys.

Overall, the revised proposals for developing The Goodsyard see the removal of the two high-rise residential towers originally proposed for the site in the existing planning application.

The JV is also significantly increasing the size of the proposed public park at the 10 acre, mixed-use urban quarter in the heart of Shoreditch.

Proposals now include 1.4m sq ft of offices and affordable workspace, 175,000 sq ft of shops, a destination building for cultural space on Brick Lane, as well as an elevated park.

The developers, working with master planner FaulknerBrowns Architects, Eric Parry Architects, Buckley Gray Yeoman, Spacehub, and Chris Dyson Architects, consulted on revisions to the existing planning application for the site in November.

Original high-rise plans for Bishopsgate Goodsyard site

John Mulryan, group managing director at Ballymore, said: “Bishopsgate Goodsyard is an incredible site, packaged with a great deal of challenges.

“Thanks to a combination of over five different railway lines and tunnels passing through this site, as well as many heritage assets and structures to be brought back into use, there are a number of site constraints in play.

“The site offers significant development potential that is also capable of being sensitive to the townscape.”

Tony Coughlan, Development Manager at Hammerson, said: “Working closely with the GLA and the local boroughs, we have reviewed our proposals with the aim of further optimising the number of homes, while maintaining a balanced mixed of uses.

“We are excited to bring forward this updated masterplan which we feel realises local ambitions and converts this derelict area into a vibrant new space; bringing a currently unused site back to life in the heart of Shoreditch.”