The redevelopment plans for the old Royal Mail site adjacent to Paddington Station in the City of Westminster have changed dramatically in recent years. Initially the idea was to create a 72 storey residential tower that would have created new homes. The idea met a lot of opposition and ultimately failed to make process.
The site will not sit unused though after a new plan was granted permission by Westminster City Council. This will see the creation of a 14 storey cube shaped office building designed by Renzo Piano Building Workshop. The £775 million project will bring some wonderful things to the area including a distinctive building that has been likened to an ice cube.
The Paddington Cube will provide 360,000 square feet of office space as well as 1.35 acres of land for the public realm. When finished up to 4,000 new jobs could be created. On top of this the plans call for 80,000 square feet of space for restaurant and retail use. This will create additional jobs and provide new amenities for residents of the area and visitors to enjoy.
The project will be an interesting development and reinvigorate the site. It will also create a brand new landmark that people will be able to see as soon as they exit Paddington Station.
The City of Westminster is full of high value investment properties and enjoys some of the highest property prices in the whole of London. The Paddington Cube could add to these, giving businesses a number of new options for their offices, retail stores, and restaurants too.
At Finefair we keep a close eye on the market, looking out for new developments that could create new investment properties that may interest our clients and other investors. Those like the Paddington Cube that have the potential to come with a great premium when they become available are particularly attractive from an investment perspective.
If you have any questions for us please feel free to get in touch; enquiries are always welcome and we will do our best to provide the best information.