Expected to Sell for Around Twenty Million Pounds
Brentford's iconic Gillette Corner has been put on the market by the National Asset Management Agency NAMA.
Property Week' magazine has reported that the the complex on Gillette Corner in the Isleworth area of west London is being put on the market by Savills and is expected to fetch in the region of £20m.
Agents for the group, Savills and Mason Owen & Lyons said in a statement said in a statement this morning that they had brought the site on London’s Great West Road to the market. The site extends to 10.25 acres and includes a main building totalling circa 327,000 sq ft (30,378 sq m) and features a Grade II listed building with prominent landmark clock tower, as well as several storage and warehouse buildings, taking the total existing uses to circa 500,000 sq ft.
The former site of the European headquarters of Gillette was originally bought in 2005 for £30 million by Donegal developer Jim McGettigan’s Bonnington Group.
A spokesman for NAMA couldn't comment on whether it was involved in the reported sale.
Bonnington had been granted planning permission for the redevelopment into a business campus and a 500-bedroom hotel, complete with restaurant, meeting rooms and gym.
The Gillette company pulled out of the site in 2006 and relocated to eastern Europe.
When it was pushing its redevelopment plan, Bonnington said that it would bring substantial regeneration benefits for the wider area, including the creation of almost 2,300 jobs and the restoration of a listed building. It was reported in 2008 that the company had scaled back their plans because of the then credit crunch.
Planning permission has previously been granted by Hounslow Council for complete redevelopment of the site, including office, hotel and restaurant use. Bonnington had previously planned to develop a 300-bed four-star hotel and business park at Gillette Corner but in 2011 it ran into difficulties repaying a £67 million loan to AIB.
February 14, 2013