Park Royal warms as SEGRO returns to spec development

segro tudor gateSEGRO has returned to speculative development in Park Royal, following a significant pre-let at its Tudor Estate scheme.

SEGRO has signed a pre-let agreement with Warmup Plc, the electric floor heating brand. Warmup will occupy a 9,800 sq ft high quality warehouse and office building on Tudor Estate, on a 15 year lease. This will complement their existing 10,900 sq ft premises on the same estate.

This new pre-let forms part of a 34,400 sq ft industrial/warehouse scheme SEGRO is developing at Tudor Gate, on Abbey Road. The lease to Warmup means the scheme is 28% let before construction has commenced.

SEGRO will also develop, on a speculative basis, a 24,600 sq ft unit fronting Abbey Road, which represents SEGRO’s return to speculative development at Park Royal, one of its core markets. Construction of both units will start in July 2012, with completion expected in early 2013.

Andrew Stimpson, Chairman and Chief Executive of Warmup Plc, said: “Working with SEGRO allows us to commission a state-of-the art unit, specific to our needs. The new facility enables us to showcase our under-floor heating products, which will be incorporated into the new development. Together with Solar Thermal panels from Warmup plus photovoltaic cells and air source heat pump technology that SEGRO is providing, this enables us to demonstrate our own product efficiencies, offsetting over 20 per cent of the new building’s CO2 emissions.”

Alan Holland, SEGRO’s Business Unit Director for Greater London said, “We are delighted to be working with Warmup to develop additional space for them as their business continues to thrive and expand. We will be immediately starting work to construct this unit as well as the warehouse facility we are developing on a speculative basis. This represents a successful start to SEGRO’s speculative development programme in Park Royal and, given the importance of Park Royal as a business location we are confident that we will secure further lettings for this type of product.  The pre-let to Warmup also demonstrates SEGRO’s ability to develop build to suit projects for existing and new customers on high quality schemes in core markets.”

JLL, Doherty Baines and CBRE have been appointed to market the property being developed on a speculative basis.

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