Helios Properties will develop a speculative £25m industrial scheme in a joint venture with Schroder Exempt Property Unit Trust at Coronation Park, Park Royal.
The deal settles Coronation’s fate: MEPC had considered funding a factory outlet on the 5.7 ha (14 acre) west London site, but was unable to get consent. Before that, Hyperion Properties planned a 7,246m2 (78,000 sq ft) shopping centre.
Helios will develop an initial 9,290m2 (100,000 sq ft) phase of small units. There is room for 23,225m2 (250,000 sq ft). The expected yield is around 8%. De Morgan & Co advised Helios. Strutt & Parker acted for Schroders.
SEPUT fund manager Joe Frood said: “This is probably one of the best places in the UK to develop sheds.”
