Mace set to sign on dotted line next month after developer agrees funding deal for Paddington overstation office

Developer Helical said it expects to sign up Mace next month for its plan to build a new office block above Paddington station.

Mace won the Paddington Overstation Development, located by Grand Union Canal and close to the Elizabeth line station, last summer.

It beat McLaren to the scheme which has been designed by Grimshaw and will feature 15 floors of office cross an entire building running up to 19 storeys. The office space will run across 235,000sq ft.

Helical is developing the site in joint venture with Places for London, TfL’s property company.

It said the pair have agreed a £220m funding deal for the job with Pimco Real Estate with Mace now expected to sign on the dotted line next month.

Helical said main construction work would start by the summer with a finish set for autumn 2028.

Called the Triangle Development Site, the site on Bishop’s Bridge Road has a planning history dating back to a consent in 2003 where the plot was owned by the then Railtrack with previous plans including one for a 15-storey scheme by Hammerson nearly 20 years ago.

Helical was appointed preferred developer by Places for London to work on new offices planned above three Tube stations in the capital three years ago.

McLaren is due to finish an office block above Bank station by the end of this year while Mace is set to build student accommodation above Southwark station.