Imperial College London has purchased an industrial estate in Park Royal from SEGRO for £115m, with a view to creating a new “deep tech innovation ecosystem” across West London.
The developer has owned the 10-acre SEGRO Park Victoria Road estate since the acquisition of Brixton in 2009 and its recent strategy has been to secure vacant possession of the buildings to facilitate redevelopment. The estate is currently 64% occupied and generates annual rental income of £3.2m.
Imperial will operate the site to provide commercial science innovation facilities to early-stage companies as part of the ‘WestTech Corridor’ – a new ‘innovation ecosystem’ in West London.
The site has been identified for future mixed-use development by Imperial’s strategic partners Old Oak and Park Royal Development Corporation (OPDC) and Ealing Council as part of regeneration plans for the area.
Bonnie Minshull, head of London at SEGRO, said: “SEGRO Park Victoria Road has performed very well for SEGRO over the past decade. This sale to a special purchaser, for the provision of commercial science and innovation facilities, allows us to reinvest the proceeds into our wider London portfolio. Imperial’s WestTech Corridor vision is a welcome initiative from a world-leading institution, adding another powerful driver of demand to London’s primary industrial and logistics cluster, in which SEGRO owns approximately 6m sq ft of space.”
Hugh Brady, president of Imperial College London, added: “Imperial College London is investing in its ambitious vision for a new globally competitive deep tech innovation ecosystem in West London. The Imperial WestTech Corridor will act as a powerful engine for investment, inclusive economic growth, and job creation at a local, regional, and national level supported by the government’s emerging Industrial Strategy.”
SEGRO was advised by Montagu Evans and Gowling WLG (UK) and Imperial was advised by Savills and CMS Cameron McKenna Nabarro Olswang.
