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Hi Moe, welcome to Yo!
Old streets beneath new ones seems to feature on here every now and then. Time and time again though this is often unfounded, and there's usually a far more simpler explanation to why things are what they are.
Old streets under new roads: one practical problem is that every property owner having access to the then existing street, would be in effect, buried underground. Unless, that is, the developer bought all the land on either side of the road, for the length of the road, which is not very likely.
Remember, Sir Christopher Wren had a grand plan to redesign the whole city of London when it was raised to the ground by the great fire. It was the plot-holders, the owners of the land, that foiled his plans. They simply started rebuilding their homes on the existing plots they owned.
Also remember that Lime Street was the edge of town back then.
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Dazza, fair answer, I'm confident on that answer that your probibly right, nevermind, it was a bit of a romantic tale anyway. Thanks :)