Out-Law / Your Daily Need-To-Know

SEGRO to speculatively develop Park Royal Origin site after HS2 safeguarding removal

Out-Law News | 03 Mar 2014 | 3:47 pm |

Industrial developer SEGRO will begin a 14,700 square metre speculative development in north west London's Park Royal after discussions with High Speed 2 (HS2) led to its Origin site being removed from the HS2 safeguarding list.

SEGRO plans to develop the 22 acre site in two phases, with the first phase to comprise three stand-alone warehouse units of 3,400 sq m, 4,900 sq m and 6,400 sq m on a speculative basis. The first phase is set to commence this month and to complete in November 2014.

The second phase of the scheme will comprise up to 28,200 sq m in a range of units and is being marketed on a pre-let basis.

"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," said SEGRO business unit director for Greater London Alan Holland in a statement.

"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," Holland added.