Paddington Cube development to boost local economy by £350m a year
The redevelopment around the Paddington Cube building from developer Irvine Sellar is set to add £350m to the local economy each year.
The £775m scheme will create 4,500 jobs in Paddington, according to analysis by Volterra Partners, which will increase the annual spend in the vicinity of the project by £5.8m.
Read more: Developer Irvine Sellar submits plans for the Paddington Cube
The plans from Great Western Developments and Sellar Paddington Limited will create an office block with 360,000 square feet of space across 14 storeys. It was originally meant to be a 65 storey "Shard of west London" – but then became more stumpy after opposition from local residents.
The two developers submitted proposals to Westminster Council in September, and a decision is expected in December.
In addition to the Paddington Cube, there will be £65m invested in a new public space at the entrance to Paddington Station and a new ticket hall for the tube station.
Colin Stanbridge, chief executive of the London Chamber of Commerce, said: "Paddington has long served as an important gateway into and out of London.
Read more: Irvine Sellar's £1bn "Shard of West London" just lost 51 storeys
"Other parts of the capital have reaped the benefits of transformational projects, such as London Bridge, King's Cross and Victoria. It is about more than new buildings, it is about investment, about creating new jobs, and attracting new businesses."
In public consultations, 60 per cent of respondents supported the overall scheme, and 85 per cent said they backed the improvement to public transport and communal areas.