Paddington project given green light

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The Independent Online

Work on the largest central London redevelopment scheme since the Second World War is to begin later this month, following the announcement yesterday that Development Securities has received planning consent for its part of the project.

Work on the largest central London redevelopment scheme since the Second World War is to begin later this month, following the announcement yesterday that Development Securities has received planning consent for its part of the project.

The Paddington area will see 8 million sq ft of office, leisure and residential space built in a massive regeneration scheme spread across several sites.

Development Securities' Paddington Goods Yard scheme, the largest scheme in the regeneration plan, will be the first major site to begin construction. Work will begin on the first phase of the 1.9 million sq ft development on 23 October.

Julian Barwick, joint managing director of Development Securities, said: "This consent marks a major step in the regeneration of Paddington ... which we believe will transform the area into one of the most desirable locations in London for living and working."

Development Securities aims to complete its scheme by 2007. The site will compete with a 1.5 million sq ft development planned by a consortium led by rival property group Chelsfield, known as Paddington Basin. Construction at Paddington Basin, which includes two office towers, subject to approval, is likely to begin this year.

Redevelopment of Paddington Station and St Mary's Hospital is part of the overall regeneration plan. Completion of the entire project is expected by 2012.

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