The retail industry will be receiving a welcome boost as London’s Paddington Quarter receives the green light for regeneration from the local council.
The £775 million project was signed off by Westminster Council and will see Grade I-listed Paddington railway station and neighbouring Royal Mail undergo a total rejuvenation.
Job creation
It is predicted that the regeneration will create 4000 jobs and once completed, will add £350 million into the economy each year.
Councillor Robert Davis, the deputy leader of Westminster Council said this would be a “game-changer for Paddington”.
Projects approval is met with delight
Great Western Developments and Sellar Paddington Ltd (SPL), the developers of Paddington Quarter, are overjoyed.
“We are delighted with the 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,” the firms said in a statement.
A catalyst for the neighbourhood
SPL chairman Irvine Sella said Paddington Quarter would be “a catalyst to create a thriving neighbourhood – for retail, leisure and business.
“Our £775 million 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,” he added.
Work on the development will begin early next year.
Meeting the new demand with leasing
With this huge influx of retail opportunities, Shire Leasing can provide businesses with the financial assistance they need. From refurbishment, in-store technology, security equipment to vehicles, we’re on hand to help businesses embrace the demand and grow.
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