On behalf of the Moorfield Real Estate Fund III (MREF III), Moorfield Group (Moorfield) announces the purchase of the Shipping Building at The Old Vinyl Factory estate, Hayes from U+I, the new name for Development Securities PLC and Cathedral Group
The landmark building is a seven-story multi-let office building let to seven tenants totalling 96,700 sq ft. Whilst the original structure dates back to the 1920s, the building was comprehensively refurbished in 2002 and was the former headquarters of EMI. Present tenants include SITA, SONOS and CHAMP Cargosystems (UK) Ltd. The Shipping Building forms part of The Old Vinyl Factory site and is now being extensively regenerated by U+I.
Planning permission for this mixed-use £250m scheme was granted in 2013 and is set to transform the site with 630 new homes, 750,000 sq ft of commercial and leisure space – including offices, restaurants, and retail, bringing 4,000 much needed jobs back to Hayes. The introduction of Crossrail will also benefit Hayes, allowing the town to close the gap with the West London market.
Marc Gilbard, Chief Executive Officer of Moorfield said:
“This is a really interesting opportunity as The Shipping Building is a key component of the wider 17 acre Old Vinyl Factory masterplan and only 200m from Hayes Crossrail station due for completion in 2018. Crossrail is a game changer for Hayes and to be part of West London’s most exciting regeneration project will allow us to deliver Grade A space in an increasingly under supplied market.”
Richard Upton Deputy Chief Executive of U+I said:
“Since first acquiring the site in 2011, we have taken great care to rediscover its past as well as make great plans for its future. We have paid attention to the heritage and former significance of the site, so that it can once again become a place full of life.”
Located on Blyth Road in Hayes, the site is 14 miles west of central London, 4 miles from Heathrow Airport, 1.5 miles to junction 3 of the M4 and 10 miles from junction 16 of the M25.
Hayes and Harlington Railway Station is a 5 minute walk; providing services to Reading, London Paddington and into the Heathrow Terminals. Hayes and Harlington station will be a Crossrail station (operational from 2018) providing services to Bond Street, Heathrow Terminals 1,2 & 3, Liverpool Street and Canary Wharf.