|University Buys Carphone Warehouse Site in Park Royal|
Imperial thought to have paid in region of £85m for Dixon's headquarters
Imperial College has reportedly bought the former Carphone Warehouse headquarters in Park Royal for twice as much as previous developers originally paid.
The 4.5 acre site was acquired in 2013 by the Jersey based private equity company Crosstree Real Estate Management Ltd for around £40m. It has planning permission for 764 homes which originally included a 32 storey skyscraper and other tower blocks. Imperial has taken on the project paying £85m.
The site is bound by the A4000 to the north, Portal Way to the west and south and Wales Farm Road to the east. It comprises approximately 14,000 sq m of space. Approximately 7,400 sq m of this is across the ground floor and 6,600 sq m on the first floor. There are currently 235 car parking spaces: 71 surface and 164 basement.
The new development, thought to be the tallest in West London, would dominate the skyline and be visible from large parts of Acton. Dixons Carphone have made it clear that they do not wish to remain in the current offices and their aim is to find a new site within the vicinity of North Acton Station.However any building is unlikely to be happening soon as Dixon's has a lease until 2030.
The University said: '' The asset is being acquired by the College's Endowment whose purpose is to generate investment growth.''
21 December 2016