The actual terminus for passengers was above ground (unfortunately that burnt down and had been disused due to the opening of Liverpool Street), while below ground was where the goods yards were located. Once those fell out of favour they've been derelict since.
The original 1840 Bishopsgate Terminus
A major thing in London (and the rest of the UK) is the re-usage of old railway viaducts and the old vaults that lie beneath stations (which would store foods and produce in the old days) which unlike other cities were built all by hand and using bricks. With a good clean, level floors and light filtering through these areas will not only gorgeous, but warm, atmospheric and far better than wasting above ground space which could be entirely formed of lobbey areas.
This pic is one I took (forgive the 'shaky' effect). Its at London Bridge - the worlds' oldest train terminus and the oldest elevated station in the world. When the Jubilee Line was extended, a new station was built here to create an interchange with mainline and London Underground platforms. One requirement was direct access to platforms from almost every conceivable direction. The result was that previously disused beer vaults (used to store beer before it was loaded onto trains to be distributed around the country) are now part of a walk-through connection between National Rail platforms and the Jubilee Line platforms. The extra space is also devoted to stalls and unique shops that create an underground market complex.
This sort of work is very attractive to the general public who like the convergence of new and old, the same is being done with the East London Line Extension where a very old but disused elevated brick viaduct line is being modernised and re-opened, while a few other stations around London are actually being built into the brick viaducts.
The most impressive reconstruction project is that at St Pancras, where the wine vaults are being converted into part of the concourse for the new Eurostar platforms
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