Demolition work at the 55-65 North Wharf Road site is now finished and the ground works and the basement box will be completed by the second half of next year.

Derwent said: “We have various options, and so we will be monitoring occupier demand closely in the next few months to see whether to continue at the current pace, slow down or reduce development expenditure. 

“A decision does not have to be made until later in 2016.”

Derwent added: “There is some flexibility with the timing of the Paddington scheme, which could be slowed down or even deferred if necessary.”

The 240,000 sq ft building will feature an innovative external steel diagrid structure, reminiscent of Laing O’Rourke’s Cheesegrater office project in the City, which will enable column-free internal areas and will have two large roof terraces on the upper floors.

Derwent chairman Robbie Rayne, Chairman said: “It is early days since the EU referendum but London remains a major global city with significant attractions and potential for the future. 

“Derwent London has a flexible and dynamic business model and a strong balance sheet with low leverage which enables us to respond to changing economic conditions.”