Imperial College London will drive the development of the WestTech Corridor through the purchase of a prime industrial site in Old Oak.
Imperial College London has confirmed the purchase of a prime industrial site in the London Borough of Ealing from SEGRO plc to drive the development of the WestTech Corridor, a new globally competitive deep tech innovation ecosystem across West London.
The announcement comes as the UK Government's International Investment Summit brings together global business leaders to showcase the growth potential for new technologies and catalyse investment in the UK.
Powerful engine for investment
The WestTech Corridor will act as a powerful engine for investment, inclusive economic growth, and job creation at a local, regional, and national level, creating both a world-leading hub for innovation, entrepreneurship and technological advancement, and a global beacon of scientific and technological imagination for the UK.
Imperial College London is investing in its ambitious vision for a new globally competitive deep tech innovation ecosystem in West London. Imperial President Hugh Brady
The WestTech Corridor will be anchored by Imperial's major science and innovation locations across West London in South Kensington-Albertopolis, Paddington Life Sciences Cluster, White City Innovation District and Old Oak and Park Royal.
Imperial works in partnership across these locations. This includes a Partnership for Economic Growth and Innovation with the London Borough of Hammersmith and Fulham which underpins the White City Innovation District and Upstream, and a shared ambition with Imperial College Healthcare NHS Trust to create a life science supercluster, Paddington Life Sciences. The university also works with venture builder Blenheim Chalcot to activate White City as a technology hub and integrate business and AI through Scale Space, a community for innovative businesses looking to scale.
Demonstrating its commitment to the WestTech Corridor, Imperial is investing £150 million to purchase and repurpose the 9.6-acre site known as Victoria Industrial Estate in Old Oak close to the White City Innovation District and the future Old Oak Common Station hub.
Imperial has identified a need for flexible and affordable follow-on space to enable innovators to stay and scale in West London. These spaces will enable prototyping, pilot manufacturing, Good Manufacturing Practice and advanced manufacturing for innovators in areas such as CleanTech, BioTech and MedTech in the WestTech Corridor.
Development vision
The site has been identified for major mixed-use development by Imperial's strategic partners Old Oak and Park Royal Development Corporation (OPDC) and Ealing Council as part of the area's significant regeneration plans. In the future it could provide an opportunity for the expansion of new science and innovation spaces alongside accommodation for innovators.
Imperial's investment has been supported by the Government's emerging Industrial Strategy and the significant demand from deep-tech entrepreneurs wanting to scale up in Imperial's existing innovation spaces. The acquisition and plans have been supported by the Government's proposed reforms to the National Planning Policy Framework, with a renewed drive on delivering major infrastructure and commercial development for the Science and Innovation industry.
Imperial is a long-term investor, developer and operator in the area, already owning 7.5 acres including Woodward Halls, Kemp Porter Halls, Clayworks Apartments and One Portal Way which secured planning permission for a major redevelopment in March 2024 from OPDC for c. 2m sq. ft. of mixed-use space. Imperial plans on expanding its residential and science and innovation spaces in this location on owned development land alongside partners. This includes a significant expansion of student and staff accommodation. This location supports Imperial's ambitions given the proud industrial history within Park Royal, designated as London's primary established industrial area and home to c.1,700 business and over 40,000 jobs.
Inclusive growth
Imperial President Hugh Brady said: "Imperial College London is investing in its ambitious vision for a new globally competitive deep tech innovation ecosystem in West London. The Imperial WestTech Corridor will act as a powerful engine for investment, inclusive economic growth, and job creation at a local, regional, and national level supported by the Government's emerging Industrial Strategy."
Laura Citron OBE, CEO of London & Partners, the growth agency for the capital, said: "This is a brilliant move by Imperial and completely aligned with the emerging London Growth Plan, which will be published in early 2025. London has world-class research strengths in deep tech such as life sciences, natural sciences, materials science, artificial intelligence, and quantum computing. But we need spaces to turn great ideas into great products which can be manufactured at scale across the UK.
"This investment will not only drive inclusive growth in London - it will also support the UK's ambitions in advanced manufacturing. We are working closely with Imperial and other London universities to develop our capability to scale deep tech."
David Lunts, Chief Executive of OPCD, said: "OPDC welcomes this latest and large investment by Imperial. Together with their existing local assets, this is another vote of confidence in the regeneration plans for Old Oak and Park Royal and bodes well for a new generation of high-quality jobs and opportunities in our area."
Bonnie Minshull, Head of London at SEGRO, said: "SEGRO Park Victoria Road has performed very well for SEGRO over the past decade. This sale to a special purchaser, for the provision of commercial science and innovation facilities, allows us to reinvest the proceeds into our wider London portfolio.
"Imperial's WestTech Corridor vision is a welcome initiative from a world-leading institution, adding another powerful driver of demand to London's primary industrial and logistics cluster, in which SEGRO owns almost 6 million square feet of space."
Councillor Peter Mason, the leader of Ealing Council, said: "The WestTech Corridor will be a major game changer for Ealing in securing good growth in a high tech, emerging economy. It builds on the growing role life plays sciences in west London, and this investment marks real confidence in the future of Ealing's new town at Old Oak & Park Royal.
"Park Royal is at the confluence of all the transport infrastructure that makes our borough such an eye-catching place to invest. It is already an industrial powerhouse and we want it to do even more in science, technology, and innovation.
"We want to deliver great opportunities for skills and employment for our residents, so securing investment with employment of the future is really important to us - and this solid partnership with Imperial will do just that."
Jobs of the future
Business and Trade Secretary Jonathan Reynolds said: "Global investors should be in no doubt that under this new government Britain is truly the best place to do business. The record-breaking investment total secured at today's Summit marks a major vote of confidence in the UK and our stability dividend across industry and innovation.
"We're determined to deliver economic growth in every part of the UK and these investments, together with our forthcoming Industrial Strategy, will give global businesses the certainty they need as we lead the charge for the innovation and jobs of the future."
Chancellor of the Exchequer Rachel Reeves said: "After the investments secured as part of this summit, my optimism for Britain burns brighter than ever. It's a sign of the confidence in the British economy. And it matters because it will support the growth of businesses big and small across the U.K. Helping them create new jobs and making people better off."
Main image: Jason Hawkes
