Segro’s £115m warehouse sale marks a significant shift for Imperial College’s Westtech Corridor project.
- The 10-acre estate, once an urban warehouse, is set to become a hub for scientific innovation.
- Owned by Segro since 2009, the property faced occupancy challenges, leading to its sale.
- Imperial College intends to use the site for early-stage companies in science and technology.
- The initiative aligns with regional regeneration plans supported by local authorities.
Segro, a notable player in the industrial property sector, has divested its warehouse located on Victoria Road to Imperial College London for a substantial £115 million. This transaction highlights the strategic shift both for Segro, which has owned the 10-acre estate since its acquisition of Brixton plc in 2009, and for Imperial College, which aims to leverage the site as part of its Westtech Corridor initiative.
The estate, situated in the bustling hub of Park Royal, West London, had encountered occupancy challenges due to its aging infrastructure and design, resulting in only 64 percent occupancy and generating an annual rental income of £3.2 million. Consequently, Segro ceased tenant leasing and explored redevelopment options before deciding on the sale to Imperial College.
Imperial College London has ambitious plans for the site, intending to develop it into a state-of-the-art facility aimed at nurturing early-stage enterprises focused on scientific and technological innovation. This is envisaged as a key component of the Westtech Corridor, a visionary project aimed at bolstering West London’s status as a premier hub for science and innovation.
In collaboration with strategic partners, namely the Old Oak and Park Royal Development Corporation and Ealing Council, Imperial plans to drive local regeneration efforts by transforming the warehousing space into a vibrant mixed-use development. This initiative is seen as a cornerstone in the broader agenda to stimulate economic growth and technological advancement in the region.
Commenting on the sale, Bonnie Minshull, Segro’s London head, acknowledged the decade-long performance of Segro Park Victoria Road and emphasized the importance of reinvestment in Segro’s broader London portfolio. Meanwhile, Imperial’s president, Hugh Brady, highlighted the project’s potential impact, projecting the Westtech Corridor as a catalyst for investment and job creation, aligned with the Government’s emerging Industrial Strategy.
The Westtech Corridor project by Imperial College is set to foster innovation and drive economic growth in West London through strategic redevelopments.
