The sale of a Segro-owned warehouse to Imperial College marks a significant development in scientific innovation. Imperial intends to transform the Victoria Road site into a hub for early-stage companies.
- Segro divested the 10-acre Park Royal estate for £115m, owned since 2009.
- The decision comes after a decline in occupancy and considerations for redevelopment.
- Imperial’s acquisition aligns with its ‘Westtech Corridor’ initiative to advance technology.
- Local partners support future mixed-use development to revitalise the area.
Segro, a major player in the real estate sector, has completed the sale of its urban warehouse estate on Victoria Road, West London, to Imperial College London. The transaction, valued at £115 million, is set to catalyse a wave of scientific and technological innovation through Imperial’s strategic vision.
The Victoria Road site, which spans 10 acres, has a significant history under Segro’s stewardship. The company, having acquired it via Brixton plc in 2009, managed the estate until recently deciding to cease tenant occupations due to the estate’s ageing structure and layout. Occupancy had decreased to 64 per cent, providing a rental income of £3.2 million per year.
Imperial College plans to repurpose the warehouse as a commercial science innovation hub aimed at fostering early-stage companies. This move is part of the university’s broader ‘Westtech Corridor’ project designed to expedite technological advances in West London. The initiative has garnered support for its potential to stimulate local economic growth.
Future plans by Imperial also involve collaboration with Old Oak and Park Royal Development Corporation and Ealing Council to introduce mixed-use elements on the site. This development seeks to contribute to the area’s regeneration and aligns with the broader objectives of Imperial’s strategic partners.
Bonnie Minshull of Segro stated, “Segro Park Victoria Road has performed very well for Segro over the past decade. This sale to a special purchaser allows us to reinvest the proceeds into our wider London portfolio.” The sale is anticipated to enhance Imperial’s role as a driver of industrial demand within London’s premier logistics scene.
Imperial College President Hugh Brady has articulated the vision behind the Westtech Corridor, emphasising its capacity to act as a powerful engine for investment and job creation. Brady’s comments underline Imperial’s aim to establish a globally competitive deep tech ecosystem in the region.
The sale signifies a pivotal step towards transforming the estate into a leading centre for scientific innovation.
