Real estate company British Land have acquired their fourth building in the Paddington Central estate.
The 200,000 sq. ft London office building is comprised of nine floors, and was purchased for £210m from the Employees Provident Fund, Malaysia. This brings British Land’s total investment in Paddington Central to 800,000 sq. ft. They currently have 146,000 sq. ft under construction at 4 Kingdom Street and 210,000 sq. ft set for future development at 5 Kingdom street.
This latest acquisition comes as part of British Land’s growing development around the estate. They are set to expand their office footprint in London and the South East around their existing assets, with One Sheldon Square located at the entrance of Paddington Central.
The building is currently let to Visa Europe Services until December 2022, with a review planned for December 2017. Rent is valued at £48.70 per sq. ft, totalling £9.5 million in annual fees.
British Land’s head of offices, Tim Roberts, 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 […] One Sheldon Square is a strategic piece of the campus which helps us to achieve our vision.”
By: Kirsty MacGregor
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