Helical and Places for London secure £220m loan for Paddington scheme
PIMCO-backed facility will fund delivery of 235,000 sq ft office building above station.
18 February 2026
Helical and Places for London have secured a £220 million development loan from PIMCO Prime Real Estate to fund the acquisition and construction of a major overstation office scheme at Paddington.
The 4.5-year facility, agreed ahead of the site’s acquisition on 25 February 2026 for £55 million, will support delivery of the 235,000 sq ft Paddington Over Station Development (OSD). The scheme forms the second of three initial sites to be brought forward under Helical’s partnership with Places for London, Transport for London’s property company.
The financing will reimburse 54.5% of equity already invested in the project, including the land purchase, and fund the same proportion of remaining development and finance costs. The structure includes margin step-downs linked to development and letting milestones, alongside a one-year extension option.
Positioned directly above the northern entrance to Paddington station and overlooking the Grand Union Canal, the development will provide 15 floors of office accommodation with immediate access to the Elizabeth Line, London Underground and National Rail services. The project sits within the wider Paddington regeneration area and is expected to target occupiers seeking high-specification, sustainable workspace in central London.
Designed by Grimshaw, the building will feature 15,675 sq ft floorplates with minimal columns, full-height glazing and private south-facing terraces on each level. The joint venture has prioritised environmental performance, achieving a BREEAM Outstanding rating at design stage with a score of 97.4%. The scheme is also targeting WELL Shell & Core Platinum, EPC A and NABERS 5.5-star certification.
Enabling works began in June 2025, with the joint venture currently in advanced negotiations with a main contractor. Construction is expected to commence in Q2 2026, with practical completion targeted for Q3 2028.
James Moss, chief financial officer at Helical, said the financing strengthens the company’s pipeline of prime London developments and reflects lender confidence in the joint venture’s strategy. He added that the transaction supports the company’s long-term conviction in demand for high-quality office space in central London.
Digby Nicklin, chief financial officer at Places for London, said the agreement would help deliver long-term income for Transport for London through its Places for Growth programme, supporting reinvestment in the capital’s transport network.
The project is being delivered into a constrained central London office market, where demand for modern, design-led and sustainable workspace continues to outperform older stock.
