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Irvine Sellar is clearly ready to move on to his next project: the developer of The Shard now plans to redevelop the outdated surroundings of Paddington Station. In recent weeks, there have been more than murmurs and rumours circulating around the property market about the potential redevelopment of Paddington Station into a 750,000-square-foot mixed-use scheme. Recent ongoing discussions between local and national stakeholders and The Shard’s developer concerning the proposed new mixed-use scheme are said to have already begun. It is believed that Sellar is hoping to reach a conclusion about the development arrangements – which include the acquisition of the land for the scheme ¬– shortly.
The scheme itself would comprise 750,000 square feet in a mixed-used scheme, stretching from Praed Street along to South Wharf Road and it is anticipated that it would comprise mainly retail and food outlets, but would also include office and residential units. With the expected completion of the Paddington Crossrail in 2018, Sellar would of course be intending to tie in this new scheme with that and to create a new hub in the busy capital. Offices in Paddington could increase in terms of numbers once the infrastructure project and any related development schemes are completed.
The main obstacle for Sellar and his team is the complex land consolidation, with the Post Office in ongoing privatisation talks and therefore in no hurry to sell its land or make any quick decisions. Other considerations are naturally the potential disruption to the thousands of passengers that use the station every day. However, it is understood that National Rail is in support of the proposed plans to redevelop Paddington Station as it is the only station in Central London currently not to have received a refurbishment project or investment into the area. Earlier in the year, it was dealt a blow when Rio Tinto decided to move on from its home at Kingdom Street, leaving 200 redundancies in the area.
Morgan Pryce is a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.