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Helical PLC and Places for London have secured a GBP 220 million loan to finance an overstation office development at Paddington. The funding enables the project to move into its main construction phase, with works set to begin in Q2 2026 and completion targeted for Q3 2028. Located above the Paddington station estate, the scheme benefits from strong transport links and limited future office supply in central London. The development aligns with both partners strategies to deliver well-connected, modern commercial space.
Helical PLC, in partnership with Places for London, has secured a GBP 220 million loan to fund the development of a major overstation office project at Paddington. The financing marks a key step in moving the long-planned scheme into its construction phase and underlines lender confidence in well-located commercial developments in central London. Advertisement
The project will be built above the Paddington station estate, a location that has seen sustained commercial demand due to its strong transport connectivity and proximity to the West End and Heathrow. According to the company, the funding will support the full delivery of the office-led scheme, including construction and related development costs.
Helical has indicated that main construction works are scheduled to begin in the second quarter of 2026. The development is expected to be completed in the third quarter of 2028, aligning with a period when new, high-quality office supply is anticipated to be limited in core London submarkets.
The Paddington overstation development forms part of a broader strategy by Places for London, the commercial property arm of Transport for London, to unlock value from transport-linked land. Over recent years, similar overstation projects have been used to create new office and mixed-use spaces while optimising existing infrastructure.
For Helical, the project adds to its portfolio of large-scale London office developments, where the company has focused on modern, energy-efficient buildings aimed at long-term occupiers. The developer has previously highlighted the importance of design quality and sustainability standards in attracting tenants in a more selective office market.
Source Reuters
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