SEGRO plc has completed the sale of SEGRO Park Victoria Road, a 10-acre urban warehouse estate in Park Royal, West London, to Imperial College London for £115 million, marking a strategic milestone for both parties. This sale, made at a premium to the asset’s book value, highlights SEGRO’s successful management and long-term strategy for the site.
Since acquiring the estate in 2009 as part of its purchase of Brixton plc, SEGRO has focused on active management, achieving significant rent growth. However, the site’s age and layout have led to a strategy shift towards securing vacant possession for redevelopment. Currently, the estate is 64% occupied and generates a rental income of £3.2 million annually.
The sale marks an exciting new chapter for the site, as Imperial College plans to transform it into a hub for commercial science innovation, supporting early-stage companies whose interests align with the university’s academic mission. This initiative will be part of the ‘WestTech Corridor’, an ambitious development aimed at establishing West London as a globally competitive innovation ecosystem. The site also forms part of wider regeneration plans for the area, developed in collaboration with the Old Oak and Park Royal Development Corporation (OPDC) and Ealing Council.
Bonnie Minshull, SEGRO’s Head of London, said: “SEGRO Park Victoria Road has delivered strong results for us over the past decade. This sale enables us to reinvest in our broader London portfolio while supporting the creation of cutting-edge innovation facilities by a world-class institution.”
Hugh Brady, President of Imperial College London, added: “Our vision for the WestTech Corridor represents a significant step towards building a deep tech innovation ecosystem in West London. It will drive investment, inclusive growth, and job creation at local and national levels, aligning with the Government’s emerging Industrial Strategy.”
The sale represents a win for both SEGRO and Imperial, with SEGRO focusing on reinvestment in its core industrial and logistics spaces, while Imperial College furthers its mission to foster innovation and economic development in London.
Advising on the deal were Montagu Evans and Gowling WLG (UK) LLP for SEGRO, with Savills (UK) Ltd and CMS Cameron McKenna Nabarro Olswang LLP acting on behalf of Imperial College London.
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