Segro has sold its Victoria Road warehouse to Imperial College London for £115 million, marking a significant development in the Westtech Corridor project.
- The warehouse was owned by Segro since 2009 and served as an urban estate with a substantial rental income despite its current 64 percent occupancy.
- Imperial College plans to transform the estate into a hub for scientific innovation, focusing on early-stage companies.
- The Westtech Corridor is a strategic initiative intended to promote technological advancement and foster economic growth.
- The sale allows Segro to reinvest in its broader London portfolio, aligning with its strategic goals.
In a notable transaction, Segro has divested its Victoria Road warehouse to Imperial College London for a substantial sum of £115 million. This sale is a key component of the bustling Westtech Corridor initiative, which aims to bolster scientific innovation and technological progress in West London.
Segro has been the proud owner of this 10-acre estate since its acquisition of Brixton plc in 2009. Despite its age and layout, the estate has consistently generated a rental income of £3.2 million while occupying 64 percent of its capacity, a testament to its strategic location in Park Royal, West London.
Imperial College has earmarked the estate as a future hub for commercial science innovation facilities. The goal is to provide a nurturing environment for early-stage companies specializing in scientific and technological innovations, thereby contributing to the economic regeneration of the area.
This visionary project forms part of the broader Westtech Corridor, a collaborative effort with strategic partners such as Old Oak and Park Royal Development Corporation and Ealing Council. These collaborations aim to create a mixed-use development that aligns with the area’s regeneration plans.
Segro’s decision to sell the property coincides with its strategic move to reinvest in its extensive London portfolio. As expressed by Bonnie Minshull, Head of London at Segro, ‘This sale to a special purchaser, for the provision of commercial science and innovation facilities, allows us to reinvest the proceeds into our wider London portfolio.’
Imperial College London, under the leadership of President Hugh Brady, is committed to establishing a globally competitive deep tech innovation ecosystem. Brady emphasizes the initiative’s impact, noting that ‘The Imperial Westtech Corridor will act as a powerful engine for investment, inclusive economic growth, and job creation at a local, regional, and national level, supported by the Government’s emerging Industrial Strategy.’
The sale of the Victoria Road warehouse to Imperial College marks a pivotal moment for innovation in West London, reinforcing strategic goals and economic growth.
