£825m Paddington rejuvenation development launched
JLL appointed and development named
Work has now commenced on an £825m transformation of the area around Paddington station into a vibrant and dynamic office, shop and restaurant destination, announces development group Sellar on behalf of owners Great Western Developments Limited
To be known as Paddington Square, the development will comprise a stunning Renzo Piano-designed 360,000 sq ft office building, a £65m investment in much needed transport infrastructure that will provide a new Bakerloo line ticket hall and entrances, 75,220 sq ft of first class retail and restaurant space, including a 13,650 sq ft rooftop dining experience, and a new 1.35 acres public square.
JLL and Knight Frank have been appointed joint letting agents for the entire scheme.
Comprising 31 London Street, the former Royal Mail Sorting Office, and the adjacent 128-142 Praed Street, the site was acquired by GWD in late 2014 and planning consent granted by Westminster City Council in August 2017.
James Sellar, CEO of Sellar, said: "We are pleased to launch Paddington Square, this transformational redevelopment of the entire area immediately around Paddington Station that will create a vibrant destination bringing an exciting retail and leisure experience and much needed commercial life.
"Paddington Square will dramatically improve transport connectivity with a new Bakerloo line station and a new public space. With the arrival of the new Elizabeth Line, Paddington will become one of the capital's major transport hubs with direct fast links to Heathrow, the West End, the City and Canary Wharf."
As part of this transformation GWD and Sellar are creating five floors of retail/restaurant space. It is intended that this exciting blend of shops and restaurants will ensure the area becomes more than just a transport hub but a place to wine, dine and shop.
Another key factor in this important landmark scheme is the closure of London Street. This will create a natural link between the mainline station and the new public square which, together with the new Bakerloo line entrances, will eradicate the rush hour traffic and pedestrian chaos. A new road, built to adoptable standards, will be created on the eastern edge of Paddington Square.
Adrian Crooks, Head of West End Agency for JLL, said: "Paddington is an area that has truly come of age. Paddington Square is a globally significant landmark scheme that will integrate Paddington into the heart of the West End through a vibrant combination of public realm, retail and office amenities"
Ian McCarter Head of West End Office Agency at Knight Frank, said: "Paddington is coming of age. The magnificent Renzo Piano-designed scheme will have enormous appeal to international and blue-chip occupiers.
"It is at the very heart of Paddington and next to the new Crossrail station and brings the complete offering to the modern occupiers in terms of amenities, with almost 80,000 sq ft of new retail, and a world class office accommodation, with unrivalled views across central London."
It is estimated Paddington's local economy will benefit by as much as £350m a year following completion of Paddington Square. The development will also bring in as many as 4,500 new jobs to the area.
It is expected that the entire site will be scaffolded by the end of May enabling demolition to commence. Demolition will be completed by the end of 2018 with construction starting in Q1 2019 with practical completion by the end of 2021.