Chelsfield is set to sell the Paragon M4 scheme in Brentford, one of the biggest single building development opportunities in west London.
Its agents, GVA Grimley and Michael Elliott, are expected to begin marketing the scheme in Brentford next week. The 1.6ha (4-acre) site next to the A4 and M4 originally had planning consent for 14,864 sq m (160,000 sq ft) of offices.
After buying the site as part of a portfolio in 1998, Chelsfield obtained outline consent to develop 21,386 sq m (234,000 sq ft) of either offices or telecoms space earlier this year. It is thought that Chelsfield is seeking over £10m for the site, which would have an estimated end-value of more than £70m.
A source close to the company said: “Chelsfield has been active this year and is spending on a number of opportunities it finds attractive. Where good opportunities to recoup cash arise, you can bet it will take them. The Paragon site is not something it ever really intended to develop itself given that its sister telco, Global Switch, has its hands full now.”
The Paragon site lies next to the 73,391 sq m (790,000 sq ft) GlaxoSmithKline HQ, which is under construction. Stewart Braddock of Michael Elliott said that both private property companies and owner/occupiers are starting to show off-market interest.
“This is one of the largest opportunities for a branded office with existing planning consent,” he said. “It is the building you will see when approaching from Heathrow, and the slanted roof provides a great marketing opportunity.”
EGi News 20/07/01
