Segro site cleared for development
by James Wood Mon 3 March 2014, 5:30 pm
Developer Segro is to start work on a 158,000sq ft speculative development at its Park Royal site in West London, after reaching an agreement with High Speed Two (HS2).
Discussions have led to the Origin site being removed from the safeguarded list for HS2, meaning development can now begin.
The scheme will be delivered in two phases. Phase one, scheduled to begin this month, will see a 158,200sq ft speculative development of three stand-alone units of 36,360 sq ft, 53,150 sq ft, and 68,690 sq ft.
The second phase will accommodate up to 28,200 sq m (303,000 sq ft) 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."