Cathedral Group and Development Securities have announced that they have jointly acquired the London Gate business park in Hayes, and will shortly announce plans for a radical £250m redevelopment of the 18-acre site.
The property has been acquired from JER Partners, The Blackstone Group and Resolution in a cash deal with equity investment from Cathedral and Development Securities.
Cathedral, a specialist PPP developer, and Development Securities will shortly unveil plans for a major redevelopment of the site that “pays homage to its important history”. Many of the empty and semi-derelict buildings were designed to be the home of EMI’s global manufacturing business by the famous British Art Deco architects Wallis, Gilbert and Partners who were responsible for the Hoover Building in Perivale, the Firestone Factory in Brentford and Victoria Coach Station.
Richard Upton, Chief Executive, Cathedral Group plc said: “This site is part of the magic of the UK’s industrial and architectural history but it has been hidden and forgotten for decades. It’s time for a new approach to the bland and tired business parks West of London. We’re going to uncover and celebrate the unique heritage of this place and offer something different to the innovative international companies whose investment is critical to London’s economy.”
Cathedral has a track record of innovative development and collaboration with some of the UK’s most exciting architects. The developer is currently working in Deptford, South East London, with Rogers, Stirk, Harbour + Partners and is on site with an £80m PPP development designed by Studio Egret West that is providing The London Borough of Lambeth with a new library and leisure centre at no cost to the public purse, paid for from mixed use development on the sites.
Matthew Weiner, Executive Director, Development Securities plc commented “We have a proven track record of partnering with expert developers on complex projects with redevelopment potential to deliver high quality assets over the mid to long term. The site in Hayes has enormous potential for growth and we look forward to seeing this project through to completion.”
Savills acted for the vendors and Cathedral and Nick Sweeney acted for the purchasing vehicle, Purplexed LLP.