Helical plc and Places for London have entered into a £220m development financing facility with PIMCO Prime Real Estate to fund the acquisition and delivery of the Paddington Over Station Development (OSD).

Paddington OSD is a landmark 235,000 sq ft new‑build office development positioned directly above the northern entrance to Paddington station, adjacent to and overlooking the Grand Union Canal.

The building will total 15 floors of office accommodation, each benefitting from full‑height glazing, panoramic views across London and south‑facing terraces with floorplates of 15,675 sq ft.

James Moss, Chief Financial Officer, Helical plc, said: “The progress made on the Paddington OSD bolsters our pipeline of prime London developments and maintains the momentum we have built up through our partnership with Places for London. Successfully closing the financing, which is accretive to returns, follows the financing of 10 King William Street last year. It further demonstrates the strong lender confidence in the joint venture and its strategy and supports our long‑term conviction in the ongoing demand for high‑quality office space in central London.”

Once complete, it will offer exceptional transport connectivity with immediate access to the Elizabeth Line, London Underground and National Rail services, while also contributing to the continued transformation of the wider Paddington regeneration area.

Enabling works commenced in June 2025, main works will start in Q2 2026 with practical completion targeted in Q3 2028.