UK office developer British Land is investing £470 mln (€550 mln) in a major off-market acquisition of Paddington Central in the West End of London.
UK office developer British Land is investing £470 mln (€550 mln) in a major off-market acquisition of Paddington Central in the West End of London.
'The rental level is not too high at the moment,' said Tim Roberts, head of offices at British Land. 'The government is investing money in infrastructure projects including a new Hammersmith and City Line station and of course the Crossrail. These infrastructure improvements mean that Paddington will perform well as an area,' he added.
The current office rent at the Paddington Central estate averages £49.50 per sq ft, which represents an attractive opportunity in the West End, the company added.
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