The £775 million regeneration of London‘s Paddington Quarter has been approved by the local council.
The decision, which was made during a Westminster Council meeting yesterday, means the retail precinct around the historic Grade I-listed Paddington railway station and neighbouring Royal Mail will undergo a total rejuvenation.
The regeneration project will create 4000 jobs and once completed, the quarter will pump £350 million into the economy each year.
Councillor Robert Davis, the deputy leader of Westminster Council said this would be a “game-changer for Paddington”.
Great Western Developments and Sellar Paddington Ltd (SPL), the developers of Paddington Quarter, welcomed the approval.
“We are delighted with yesterday’s decision which, after many months of assessment and public consultation, acknowledges the many benefits the scheme will provide to those living and working in Paddington as well as providing an international gateway to the capital,” the firms said in a statement.
SPL chairman Irvine Sella said Paddington Quarter would be “a catalyst to create a thriving neighbourhood – for retail, leisure and business”.
“Our £775 million development will bring a range of quality shops and restaurants to the area that we believe will make Paddington Quarter a fantastic place to work and visit. The scheme will breathe new life into this under invested area and create a truly global gateway,” he added.
Work on the development will begin early next year.