Mace’s Paddington over-station start slips: programme and funding lens for engineers
Reviewed by Joe Ashwell
First reported on The Construction Index
30 Second Briefing
Slippage of Mace’s Paddington over-station development start from Q1 to Q2 2026 has been confirmed, with site acquisition for £55m now scheduled for 25th February 2026 but overall completion still targeted for Q3 2028. Joint venture developers Helical and Places for London have secured a £220m development financing facility from Pimco Prime Real Estate to cover both the acquisition and construction. The Grimshaw-designed scheme comprises a 19‑storey, 235,000 sq ft new-build office structure directly above Paddington station’s northern entrance, overlooking the Grand Union Canal.
Technical Brief
- Site acquisition is now fixed to a specific date: 25th February 2026, at £55m.
- Mace is named as preferred contractor, with contract execution expected in the coming month.
- Development financing totals £220m from Pimco Prime Real Estate, covering both purchase and build costs.
- Joint venture structure pairs Helical with Transport for London’s property arm, Places for London.
- Office scheme is explicitly over-station, located directly above Paddington station’s northern entrance footprint.
- Building massing is 19 storeys with 235,000 sq ft gross office floorspace overlooking the Grand Union Canal.
Our Take
The £220m development financing facility and £55m site acquisition for the Paddington over-station development will sit on Mace’s balance sheet just as Goldman Sachs is due to acquire the Mace brand and consultancy arm, so any programme slippage here could complicate how legacy risk and reputation are allocated between Mace Construct’s new identity and Mace Consult.
With main works originally flagged in late-2025 coverage as starting in early 2025, any delay pushes a 19-storey build further into the Q2 2026–Q3 2028 window, increasing exposure to London office-letting uncertainty at completion and potentially tightening covenants around the £220m facility.
Among recent UK Infrastructure pieces in our database, over-station schemes like this Paddington project are still relatively rare, so performance on buildability and disruption control at Paddington station and along the Grand Union Canal will be closely watched as a benchmark for future TfL/Places for London air-rights developments.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
Related Articles
Related Industries & Products
Construction
Quality control software for construction companies with material testing, batch tracking, and compliance management.
Mining
Geotechnical software solutions for mining operations including CMRR analysis, hydrogeological testing, and data management.
QCDB-io
Comprehensive quality control database for manufacturing, tunnelling, and civil construction with UCS testing, PSD analysis, and grout mix design management.