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Kingfisher Takes 54,000 SF at Paddington for New HQ

LONDON-The pan-European retail giant Kingfisher has taken 54,000 sf at Development Securities' PaddingtonCentral development in London's West End for its new headquarters.

By Graham Parker | Updated on February 27, 2002

LONDON-Kingfisher has become the second major retailer, after Marks & Spencer, to relocate its headquarters to London’s emerging Paddington office district. The pan-European retail giant, which trades as B&Q and Comet in the UK; Darty and Castorama in France and Promarkt in Germany, has taken 54,000 sf at Development Securities’ PaddingtonCentral development for its new headquarters.

Kingfisher is to let four floors of a 145,000-sf building on a 20-year lease, at an average rent of £42 ($60) per sf. Practical completion is scheduled for Summer 2002.

Another 51,000 sf in the same building has already been pre-let in September 2001 to WJB Chiltern Group. And Visa International agreed a pre-letting on a 195,000-sf building in October 2001. Over 85% of the available office space in Phase 1 of PaddingtonCentral is now pre-let and the developer reports active interest in the remaining 40,000 sf.Last year marks & Spencer announced plans to relocate to the nearby Paddington Basin development.

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