British Gas’ regional headquarters in Leicester has been put on the market.
Global real estate advisory firm, CBRE, has been instructed to sell the 89,230 sq ft office building on behalf of an institutional investor for offers in excess of £14,635,000.
British Gas has occupied the building, called Spinneyside, since it was built in 2004. The company has just signed a new 10-year lease on the entire property until September 2034.
Located on Grove Park, the business park for office and logistics occupiers, Spinneyside comprises modern, flexible office space, over three floors. The building has recently undergone improvement and refurbishment works, to provide the specification and amenity provision associated with modern occupier demands.
Oliver Forster, senior director in CBRE’s investment properties team in the Midlands, said: “Spinneyside offers an opportunity to secure an investment let to an excellent covenant on one of the most prime out-of-town locations in the Midlands, at a time when offices are offering historically good value.
“It’s also one of those rare buildings which offers several long-term asset management and development opportunities, due to its excellent connectivity, access to labour and the prominence of the site.”
