Cathedral Group and Development Securities have acquired the London Gate business park in Hayes, Middlesex.
The property was acquired from JER Partners, the Blackstone Group and Resolution in a cash deal.
The joint venture partnership will shortly unveil plans for a £250m redevelopment of the 18-acre site.
Many of the empty and semi-derelict buildings were designed by the British art deco architect Wallis, Gilbert & Partners to be the home of EMI’s global manufacturing business.
Richard Upton, chief executive of Cathedral Group, said: “This site is part of the magic of the UK’s industrial and architectural history but it has 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.”
Savills acted for the vendors and Cathedral; Nick Sweeney acted for the purchasing vehicle, Purplexed.
annabel.dixon@estatesgazette.com
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