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The Point In Paddington Sells

The Point, an office building design by Farrells that stands on Paddington Basin, has been sold for 210 million, a record for the area.

Completed in 2003 as one of the first modern office buildings in an area that is gradually becoming a successful office district, the point was owned by WELPUT who purchased it from the original developer, Chelsfield PLC for 125 million in 2004.

The curving wedge shaped building, that perhaps evokes the bow of a boat, was the first part of Paddington Basin to be completed to the masterplan for the area, also drawn up by Terry Farrell. The interior space features two wings, connected at one end that overlook a central atrium. Further connections between them is provided by bridges that also run over the atrium.

The building was designed with two individual entrances to increase its appeal in the multi-let market. Over a decade after it was completed the building has space in it occupied by Everything Everywhere, Cerner, A2Dominion Housing Group, CH2MHill United Kingdom and CB&I UK with the top level of rent being paid at the rate of 57.00 per square foot.

DTZ and Strutt & Parker advised the vendors on the deal, whilst GVA represented the buyer.

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The Point

The Point
The Point, Paddington
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