A landmark factory in Slough could be turned into an industrial development.

Industrial and logistics developer Panattoni is planning to build business units on the former ICI paintworks site in Wexham Road, after buying it for an undisclosed amount.

Panattoni bought the 30-acre site from AkzoNobel after the Dutch paint manufacturer put the site on sale last year, and plans to speculatively build a number of industrial and logistics units in a range of sizes.

The site is two miles from the Slough Trading Estate, with the developer saying the units will help with an “acute lack of space” for commercial occupiers in the town.

It comes after plans were unveiled earlier this year for a new development at the historic former Horlicks factory site.

Development director Tony Watkins said: “Slough is going through a significant period of growth and there is an acute lack of space for commercial occupiers.

“There is now very limited opportunity for expansion in the Slough Trading Estate and we have already been approached by a number of parties looking to move.”

Matthew Byrom, Panattoni’s UK managing director, said: “To bring forward a site of this nature takes experienced and committed counterparties to reach an agreement.

“We would like to thank AkzoNobel for their constructive and collaborative approach, which was critical to concluding the transaction.”

The firm says it is open to interest from potential businesses wanting to secure a space while it goes through a planning process.