Specialist PPP developer Cathedral Group and UK property developer and investor Development Securities have teamed up to acquire the London Gate business park in Hayes, Middlesex. The partners plan to carry out a radical £250 mln (EUR 283 mln) redevelopment of the 18-acre site.

The property has been acquired from JER Partners, The Blackstone Group and Resolution in a cash deal with equity investment from Cathedral and Development Securities.

Cathedral and Development Securities will shortly unveil plans for a major redevelopment of the site. Many of the empty and semi-derelict buildings were designed to be the home of EMI's global manufacturing business by the famous British Art Deco architects Wallis, Gilbert and Partners who were responsible for the Hoover Building in Perivale, the Firestone Factory in Brentford and Victoria Coach Station.

Richard Upton, Chief Executive of Cathedral Group, said: 'This site is part of the magic of the UK's industrial and architectural history but it has been hidden and forgotten for decades. It's time for a new approach to the bland and tired business parks west of London.'

Cathedral is currently working in Deptford, South East London, with Rogers, Stirk, Harbour + Partners and is on site with an £80 mln PPP development designed by Studio Egret West that is providing the London Borough of Lambeth with a new library and leisure centre at no cost to the public purse, paid for from mixed-use development on the sites.

'We have a proven track record of partnering with expert developers on complex projects with redevelopment potential to deliver high quality assets over the mid to long term. The site in Hayes has enormous potential for growth and we look forward to seeing this project through to completion,' added Matthew Weiner, Executive Director, Development Securities.

Savills acted for the vendors and Cathedral and Nick Sweeney acted for the purchasing vehicle, Purplexed LLP.