British Land announces it has completed the acquisition of One Sheldon Square, Paddington Central, for £210 mln (approx. €292 mln) from the Employees Provident Fund, Malaysia.
This brings British Land’s total investment at Paddington Central to 74,322 m² with a further 13,564 m² currently under construction at 4 Kingdom Street and 19,510 m² of consented future development at 5 Kingdom Street.
The acquisition is in line with our strategy of expanding in London and the South East including in and around our existing assets. Acquiring One Sheldon Square, which is prominently located at the entrance to Paddington Central, allows British Land to develop a wider vision for the campus as an attractive mixed-use destination.
Hopkins Architects are involved in the new master plan for Paddington Central. Phase 1 of a program of public works improvements is already underway and 4 Kingdom Street which will be completed in 2017, ahead of the opening of the Crossrail station at Paddington in 2018. The concept design at 5 Kingdom Street is being developed in order to improve the existing consented scheme.
Tim Roberts, Head of Offices, British Land, 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. We have started on extensive improvement works to the public realm and are also now on site at 4 Kingdom Street. One Sheldon Square is a strategic piece of the campus which helps us to achieve our vision.”
Source: British Land