Out-Law News | 10 Feb 2014 | 3:18 pm |
The 320,000 square feet development near Paddington Station will comprise office space on the upper levels and shops at ground and first floor level. Crossrail said in a statement it intends to appoint development partners for the scheme.
Grant of planning permission will be subject to the completion of a Section 106 Agreement which will include obligations on Crossrail to contribute £1 million towards the Council's affordable housing fund and £1m towards public realm improvements along the canal side.
“Securing planning permission for this major new commercial development is an important step forwards in the continued transformation of Paddington," said Crossrail land and property director Ian Lindsay.
Crossrail is the first UK rail project to integrate new and improved rail infrastructure with high-quality over-site development and public realm improvements. This development will be a huge boost to regeneration in the area and a further phase in the renaissance of Paddington as a major commercial location,” Lindsay said.