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07.07.2008
Global drinks company Diageo, advised by Gerald Eve, has completed two sales in Park Royal, west London, to Hammersmith Medicines Research and to Canmoor and Standard Life for undisclosed sums.
Hammersmith Medicines Research has bought the 53,227 sq ft Coniston House office building on the corner of Cumberland Avenue and Rainsford Road, while Standard Life and developer Canmoor have bought the adjoining 5.2 acres of development land.
Canmoor and Standard Life plan 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. Hammersmith Medicines Research, a private company specialising in clinical trials, will refurbish Coniston House for its own use.
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.
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.
Mark Trowell of Gerald Eve comments: “This transaction shows that industrial development sites in prime locations such as Park Royal continue to attract fund and developer interest. Both Canmoor and Standard life have worked hard with Diageo and us to complete this deal in what is a challenging market.”
Standard Life and Canmoor have retained Gerald Eve with CBRE to market the new scheme.
CBRE represented Standard Life and Canmoor in the land deal; Hammersmith Medicines Research represented itself.
Gerald Eve, chartered surveyors and property consultants, make or save money from property - acting for around 40% of the FTSE100 on property asset management, agency and professional matters.
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