Standard Life and developer Canmoor have bought 5.2 acres of development land from drinks company Diageo in Park Royal.
The joint venture intends to develop the site for a high-quality industrial/ warehouse scheme of two units totalling 150,000 sq ft, to be known as Thunder and Lightning. The development site was marketed by Gerald Eve on a targeted basis last November, going under offer to another party in December.
This transaction failed to progress, and Canmoor and Standard Life took the opportunity to secure the contract, following a further best bids process.
Rainsford Road is being extended to link to the A40 Western Avenue, providing the scheme with good access to the M40/M25 and central London.
Standard Life and Canmoor have retained Gerald Eve with CBRichard Ellis to market the new scheme.