Industrial and warehouse property owner SEGRO has sold a 10-acre warehouse estate on Victoria Road in Park Royal to Imperial College London for £115m which is set to become part of Imperial’s WestTech Corridor.
In a statement, Imperial said it will: “operate the site to provide commercial science innovation facilities to early-stage companies with interests aligned with the university’s academic mission as part of the WestTech Corridor.”
“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 the area’s significant regeneration plans.”
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.”
Ms Minshull added: “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 6 million square feet of space.”
Hugh Brady, president of Imperial, said: “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.”
