We recognise that the office occupier market in central London (and the City in particular) has weakened and the supply of space has increased. However, Paddington remains a location in demand and we are confident that the quality of the Grand Union Building and the financial terms we can offer will attract tenants as we progress with our marketing campaign.
In the meantime, the development of Paddington Basin continues to move forward. We have placed building contracts for more than £10m of infrastructure works in the past few months. Later this month we will place a £40m building contract for a 240-unit residential building due to start on site in March – more than 50% of the units in this building have already been sold.
Nick Roberts, Chelsfield, London W1.