Kingfisher is to let four floors of a 145,000-sf building on a 20-year lease, at an average rent of £42 ($60) per sf. Practical completion is scheduled for Summer 2002.
Another 51,000 sf in the same building has already been pre-let in September 2001 to WJB Chiltern Group. And Visa International agreed a pre-letting on a 195,000-sf building in October 2001. Over 85% of the available office space in Phase 1 of PaddingtonCentral is now pre-let and the developer reports active interest in the remaining 40,000 sf.Last year marks & Spencer announced plans to relocate to the nearby Paddington Basin development.
PaddingtonCentral covers 11 acres next to Paddington Railway Station, on the site of the former goods yard and. It will eventually provide 1.7 million sf of mixed use space, comprising retail and leisure facilities, including bars, restaurants, shops and a health and fitness centre, as well as over 200 high quality residential apartments.
Development Securities' funding partners are Norwich Union and Equitable Life.
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