Plans for the regeneration of London’s Paddington Quarter was approved by the local council yesterday, which means the retail precinct around the historic Grade I-listed Paddington railway station and neighbouring Royal Mail will be completely transformed.
The regeneration project, which will cost in the region of £750m, is expected to create around 4,000 jobs once completed, while the quarter is set plough about £350m into the economy annually.
Councillor Robert Davis, the deputy leader of Westminster Council, described the new project as a “game-changer for Paddington”.
Reflecting on the scheme, Great Western Developments and Sellar Paddington Ltd (SPL), the developers of Paddington Quarter, said in a statement: “We are delighted with yesterday's decision which, after many months of assessment and public consultation, acknowledges the many benefits the scheme will provide to those living and working in Paddington as well as providing an international gateway to the capital.”
SPL chairman Irvine Sella believes that Paddington Quarter will be “a catalyst to create a thriving neighbourhood – for retail, leisure and business”, which will undoubtedly appeal to property investors planning to invest in the local area.
“Our £775m development will bring a range of quality shops and restaurants to the area that we believe will make Paddington Quarter a fantastic place to work and visit. The scheme will breathe new life into this under invested area and create a truly global gateway,” said Sella.
Work on the new project is scheduled to get underway in early 2017.