As the regeneration of Paddington Basin in west London takes shape, developers are vying to capitalise on the 278,700 sq m (3m sq ft) scheme’s impact with local projects of their own.
Land Securities (LandSec) is working up designs for 46,450 sq m (500,000 sq ft) at two sites on Eastbourne Terrace, W2, which are adjacent to the Chelsfield and Development Securities schemes in the Basin district. The scheme would include a 16,782 sq m (180,647 sq ft) block at 10-30 Eastbourne Terrace, which LandSec bought from Tishman Speyer Properties for £50m last year.
LandSec is hoping to add Harold Feldmans 14,864 sq m (160,000 sq ft) building at the adjacent 40-50 Eastbourne Terrace to its holdings at 10-30. It is one of two bidders for the property, which Feldmans company Eastbourne Property Investment wants to sell for £45m through Jones Lang LaSalle. It is currently used as Civil Service offices and could be redeveloped as 32,515 sq m (350,000 sq ft) when the lease expires in three years.
Burford has a long leasehold interest in 55-65 North Wharf Road, which has potential for 13,940 sq m (150,000 sq ft) of offices. Sources believe Burford is more likely to sell at a profit to freeholder Chelsfield than tackle planning.
Helical Bar has held talks with the Jarvis family, which owns a 50% stake in Chelsfields Basin scheme. Helical Bar managing director His company is also sitting on the 12,077 sq m (130,000 sq ft) Capital House, Marylebone Road, NW1, on the Paddington/ Edgware Road fringes.
Derwent Valley also saw the opportunity to get a foothold in Paddington last year, paying £22m for the 8,361 sq m (90,000 sq ft) Telstar House.
Chelsfield and Development Securities have now started work on the 278,700 sq m (3m sq ft) of offices, residential and shops planned for Paddington Basin.
For full story see tomorrow’s edition of Estates Gazette.
EGi News 30/03/01
