PaddingtonNow BID commissioned Colliers in July 2019 to undertake a study on Praed Street. This formed part of an overall package of research and engagement to determine how Praed Street should position itself to maximise its potential.
With the arrival of the Paddington Square scheme in 2022, Praed Street faces unrivalled opportunities. We asked Colliers what changes might be needed on Praed Street for these to be fully realised.
You can read the full brief for the study here.
Colliers used extensive insights and market data intelligence to baseline the current Praed Street catchment area and create a profile of users and spend patterns:
- There is 160,000 sq ft of retail and restaurants on Praed Street.
- Over half of the units are below 800 sq ft in size. Rents are growing at a slower rate than elsewhere in London.
- The catchment area spend on Praed Street is 88% above the national average on health and beauty, and 153% above the national average on food and drink.
- The residential catchment area is 73,000 people, larger than Maidenhead.
- 79% of the catchment area population is classed as ‘City Prosperity’, the most affluent UK demographic.
- Visitor footfall is 34 million per annum.
- A quarter of visitors are hotel guests, 20% visit Praed Street for food.
Looking to the future, Colliers reported that:
- A further 75,000 sq ft of retail and restaurant space is planned at Paddington Square.
- The residential catchment area is set to grow by 6% over the next 10 years.
The recommendations of the report concluded:
- Unit sizes need to be larger to accommodate demand on Praed Street (from 800 to 1,000 sq ft).
- The shopping environment needs to be improved, with wider pavements and less traffic.
- The occupier mix should build on the demand for food and drink, and seek to attract independent operators, cultural uses and local amenity retail.
The study will help build the evidence base for the emerging Neighbourhood Plan, led by the Hyde Park Paddington Neighbourhood Forum.