The City Road Island site is being sold for £239m, subject to Treasury approval and the delivery of the new Oriel eye hospital at St Pancras by 2027.

Derwent said it has appointed architect AHMM alongside a full professional team to draw up plans for a major 750,000+ sq ft campus with extensive public realm and strong environmental credentials.

The 2.5 acre Moorfields Eye Hospital site comes with 400,000 sq ft of existing buildings.

Paul Williams, Chief Executive of Derwent London, said: “We are delighted to have secured such an important central London regeneration opportunity in the heart of the Tech Belt, where we aim to deliver the next generation of distinctive ‘long-life, loose-fit, low carbon’ commercial space.”

Martin Kuper, Chief Executive of Moorfields Eye Hospital NHS Foundation Trust said: “This is an important step forward for our plans for Oriel, a new eye care, research and education centre.

“The sale of our City Road Island, which is conditional on Treasury approval of Oriel, is a key element of our funding strategy.

“All proceeds will be reinvested in the new centre to secure the long-term future of world-leading eye care, research and education in a way that represents value for money and benefits our patients. “