Until a few years ago, office space in Paddington was scarce, with the area rooted in residential use. However, extensive regeneration has provided a surge in interest from companies big and small seeking to capitalise on the newfound interest and investment in this historic area of London.
Recent redevelopment of derelict land between the canals and Paddington station into offices and commercial units has let the local economy flourish. The district currently has 102 buildings comprising 2,736,539 sq ft in total, and at the end of 2015 availability was down to 8.5%. The average asking rent is £57.17 per sq ft with premium office space costing up to £70, but good standard premises can be found for £40-50.
A former metropolitan borough in its own right, Paddington is probably most well-known for Michael Bond’s eponymous fictional bear, with a statue of the character located inside the train station. The station itself was designed by Isambard Kingdom Brunel and opened in 1847 as the London terminus of the Great Western Railway, and still serves many of the Home Counties as well as the South West of England.
Additional transport links which serve the area include Underground stops at Edgware Road, Lancaster Gate and Paddington itself, with several lines (District, Circle, Bakerloo and Central among them) all providing quick, easy access to the city centre and outlying boroughs.
Key rented spaces include Praed Street, Westbourne Grove and Eastbourne Terrace, all of which have undergone major transformations over the last decade to create contemporary, stylish offices to let. The Paddington Waterside project has created numerous new buildings housing retail units, restaurants, bars and business premises, opening up extensive opportunities for new clients and contracts.
The region also has outstanding claims to fame through celebrity locals and important historical events. Actress Emma Thompson, computing icon Alan Turing and renowned British painter Lucien Freud all lived here, and St Mary’s hospital is where Nobel Prize-winning Alexander Fleming first isolated penicillin.
Surrounded by such eminence, it’s easy to see why more and more businesses are seeking to invest their time, energy and workforce in Paddington. Office spaces are at a premium, so if you’re interested in renting in W2 then contact Stuart Neils today to discuss your needs.