British Land is paying £210m to buy 1 Sheldon Square, extending its investments in the offices springing up around Paddington Station. They say the deal brings their total investment at Paddington Central to 800,000 sq ft with a further 146,000 sq ft currently under construction at 4 Kingdom Street and 210,000 sq ft of consented future development at 5 Kingdom Street.
One Sheldon Square comprises nearly 200,000 sq ft of freehold office space, arranged over nine floors. It is fully let to Visa Europe Services until December 2022 with a rent review in December 2017. Total annual contracted rent is GBP9.5 million reflecting an average rent of £48.70 per sq ft which is reversionary.
British Land are working with Hopkins Architects on a new Masterplan for Paddington Central. Phase 1 of a programme of public works improvements is already underway and they are on site at 4 Kingdom Street which will complete in 2017, ahead of the opening of the Crossrail station at Paddington in 2018. They say they are also progressing the concept design at 5 Kingdom Street in order to improve the existing consented scheme.
BLND : British Land buys 1 Sheldon Square