Singapore’s Mapletree Investments has closed a deal to sell the former Diageo headquarters in Park Royal, West London, to a quartet of investors and developers.
The consortium consists of investment firms Eastborough Partners and Select Alternative Investments and developers LSL Partners and Central & Provincial.
The group bought the freehold for the 300,000 sq ft office building for £21m, below its £25m asking price.
They intend to work with the Old Oak and Park Royal Development Corporation to bring forward proposals to reposition the property as a mixed-use scheme.
It is understood that an EIA scoping report has been filed with the OPDC to convert the offices into 339 homes.
The property, at 1 Lakeside Drive, NW10, is located within a 40-acre estate.
Diageo relocated its global headquarters to Lazari Investment’s Turner House at 16 Great Marlborough Street, W1, in 2021.
The Park Royal headquarters came on the market in July last year, with Knight Frank appointed to find a buyer.
Diageo previously unsuccessfully filed plans to convert the office into 200 rental flats via permitted development rights.
Park Royal is undergoing a £26bn regeneration plan, along with the introduction of the High Speed 2 terminus nearby, set for delivery in 2030.
Nick Alderman, head of central London land at Knight Frank, said: “Over the past twenty years, the former Guinness brewery site has undergone a remarkable transformation, becoming a thriving residential West London hub. 1 Lakeside Drive is the latest addition to this area and offers the purchaser an opportunity to either repurpose the existing building or deliver a landmark development opportunity of scale.”
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Photo © Knight Frank
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