SEGRO, Europe's leading owner-manager and developer of industrial property, will be starting speculative development at its prime industrial site known as Origin, situated close to the A40 in Park Royal, West London. Following positive discussions between SEGRO and High Speed 2 ('HS2'), the site has now been removed from the safeguarding list for HS2, meaning that development activity can now begin.
The 22 acre site will be developed over two phases. In Phase 1, SEGRO will develop 14,700 m² (158,200 ft²) on a speculative basis. This will take the form of three stand-alone units of 3,400 m² (36,360 ft²), 4,900 m² (53,150 ft²), and 6,400 m² (68,690 ft²), all with secure yards.
This latest project reflects SEGRO's confidence in the location and the likely demand for high quality warehouse space in one of London's prime markets for urban distribution and light industrial activities. This development is also in line with SEGRO's strategy of growing its business in its core markets.
The units being developed will be highly sustainable and constructed to a BREEAM 'Excellent' standard, which will include the use of photovoltaic roof panels. Construction of Phase 1 will commence in March 2014, with completion scheduled for November 2014.
Phase 2 will be able to accommodate up to 28,200 m² (303,000 ft²) in a range of units and is being marketed on a pre-let basis.
Origin is situated in the heart of Park Royal and is one of the best located industrial sites in West London. Park Royal is also a thriving community, with over 2,000 businesses which service Central London and the surrounding areas. It is an extremely attractive location for companies which require easy and direct access to Central London as well as Heathrow and the A40 Western Corridor. The units being developed will be suitable for a wide range of uses including businesses involved with urban distribution activities, food and beverage production, logistics and TV/media production.
Alan Holland, Business Unit Director for SEGRO Greater London, said: "Our confidence in the improving market and the specific attractions of Park Royal means that we are now starting to develop Origin on a speculative basis, thereby bringing new, high quality warehouse accommodation to the London market. Given the known shortage of this type of accommodation, we are confident about the level of occupier demand for this flagship development. We believe it will act as a significant catalyst for attracting new businesses as well as promoting growth and bringing new jobs to the area."