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