SEGRO will be starting speculative development at the prime industrial site close to the A40 following discussions between SEGRO and HS2 which have resulted in the site being removed from the safeguarding list for the high speed line, something which had been obstructing development.
The 22 acre former Guinness brewery site site will be developed over two phases. In Phase one, SEGRO will develop 14,700 sqm on a speculative basis. This will take the form of three stand-alone units of 3,400 sqm, 4,900 sqm, and 6,400 sqm, all with secure yards.
SEGRO say this project reflects their 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 built to a BREEAM ‘Excellent’ standard, which will include the use of photovoltaic roof panels.
Phase one construction will commence in March 2014, with completion scheduled for November 2014.
Phase 2 will be able to accommodate up to 28,200 sqm in a range of units and is being marketed on a pre-let basis.
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.”