New masterplan for Paddington Central development
British Land has extended its footprint in Paddington, West London, with the purchase of the £210m One Sheldon Square site.
The deal comes as British Land continues its work with Hopkins Architects on developing a new masterplan for its Paddington Central development.
The acquisition of 200,000 sq ft of office space at One Sheldon Square takes the total area of land owned by British Land in Paddington to 800,000 sq ft, with a further 356,000 sq ft either under construction or with planning permission.
British Land said the acquisition was “in line with our strategy of expanding in London and the South-east including in and around our existing assets”.
Last November, British Land appointed Wates to deliver its 4 Kingdom Street development, the first of the Paddington Central schemes to come to market.
The 4 Kingdom Street scheme is expected to complete in 2017, ahead of the opening of Paddington’s Crossrail station in 2018.
British Land head of offices Tim Roberts said: “Paddington Central is full and we are progressing our vision to create a more attractive and engaging environment which better meets the changing needs of our customers.”
