Cannons is to lease 25,000-sf of lower level space for an initial period of 25 years. Practical completion of the building is scheduled for Summer 2002 and the new club is expected to open at the end of the year.

The deal follows announcements in Autumn 2001 that financial services group WJB Chiltern and global credit card operator Visa International Service Association have signed pre-let agreements at PaddingtonCentral. This means that more than 70% of the 330,000 sf of prime office space in the first phase of PaddingtonCentral is already pre-let. In addition the phase will provide 140,000 sf of retail and leisure space, and 200 apartments. Development Securities' funding partners are Norwich Union and Equitable Life.

Development Securities Joint Managing Director Julian Barwick said: 'With the office component more than 70% let and with strong interest from occupiers for the retail space, the stage is set for PaddingtonCentral to become a thriving business district in central London.'