AstraZeneca is to join the exodus from central London to Paddington, as FTSE-100 companies and other large businesses head out to W2 to cut costs.

The pharmaceuticals group is following Rio Tinto and Statoil, the Norwegian oil group — and there are signs that other leading companies are looking to get out of the heart of the metropolis.

J Sainsbury is considering moving from its glass headquarters in Holborn, central London, to 300,000 sq ft of office space in King’s Cross, north London, after the redevelopment of the site by Argent.

AstraZeneca expects to move employees from its Mayfair offices to Paddington next year, once the 60,000 sq ft of office space at Two Kingdom Street, owned by Development Securities, Aviva Investors and Quinlan Private, has been fitted out.

The Times