The entire 330,000-sf first phase has been pre-let to Visa International, Kingfisher, The Prudential among others and practical completion is scheduled for summer 2002. And in a statemet to the company's annual general meeting, chairman Hugh Jenkins expressed optimism about the second phase.

'The next phase of this mixed use urban regeneration scheme comprises 800,000 sf in two buildings. We plan to start the first of these buildings in the first quarter of next year. Strong development activity on nearby sites underlines the reality that Paddington has now been accepted, both by the property and occupier markets, as London's newest prime business district,' he said.

At the same time Jenkins said that DevSecs was going back to the funding market looking for financial backers for 250,000-sf first phase of the Royals Business Park in London Docklands. Where detailed planning consent was granted in December of last year. 'We remain cautiously optimistic that institutional investor sentiment is improving as the UK economy distances itself from the uncertainties that were manifest last year,' said Jenkins. 'The development of this 50 acre site forms a significant component to one of the most important regeneration areas in the UK.