London Gate business park sold

A partnership between Cathedral Group and Development Securities has bought the London Gate business park in Hayes, Middlesex. The partnership bought the property from JER Partners, The Blackstone Group and Resolution for an undisclosed price.

The partners will shortly announce plans for “a radical” £250m redevelopment of the 18-acre site. Many of the empty and semi-derelict buildings on the site were designed to be the home of EMI’s global manufacturing business by Art Deco architects Wallis, Gilbert and Partners who were responsible for the Hoover Building in Perivale, the Firestone Factory in Brentford and Victoria Coach Station.

Richard Upton, chief executive, of Cathedral Group described the site as “part of the magic of the UK’s industrial and architectural history” that had been hidden and forgotten for decades.

“It’s time for a new approach to the bland and tired business parks west of London. We’re going to uncover and celebrate the unique heritage of this place and offer something different to the innovative international companies whose investment is critical to London’s economy,” he said.

Development Securities director Matthew Weiner said the site had “enormous potential for growth” and the company looked forward to seeing the project through to completion.