Land Registry London HQ in £60m sell-off

28/05/10 12:03 am By Nick Johnstone

The Land Registry has put up for sale eight properties across the UK that total £60m, including its central London headquarters.

The buildings range from the grade II-listed 85,000 sq ft Lincoln’s Inn Fields head office to a £250,000 file store in Swansea. They are being sold as the registry rationalises its 17 offices under a 10-year cost-cutting initiative.

Lambert Smith Hampton has been instructed to sell three of the biggest properties: the £30m headquarters, a 56,000 sq ft office block in Tunbridge Wells, Kent, and a 110,000 sq ft building in Stevenage, Hertfordshire.

London staff will relocate to the Land Registry’s other office in the capital, in Croydon, and the headquarters will be sold by March next year. The Tunbridge Wells and Stevenage properties are valued at £10m and £6m respectively, and will be sold by June 2011.

Among the other properties for sale are a 70,000 sq ft building in the centre of Portsmouth, estimated to be worth £8m, and Ty Bryn Glas, a 60,000 sq ft Swansea office valued at £3.5m. King Sturge has been appointed to sell both.

Portsmouth University, which owns many of the surrounding buildings, is understood to have instructed agents to buy the Portsmouth property.

Plumer House, a 4.5 acre site in Plymouth with an office worth £2m, is being sold by Vickery Holman.

More than 1,800 staff have left the Land Registry since June 2008, when its rationalisation programme began.

Marco Pierleoni, chief land registrar and chief executive, said: “We will employ fewer people and occupy less estate as more of our work is delivered online.”

Tony Fisher, head of Lambert Smith Hampton’s office division, said: “Investors are looking to capitalise on current market conditions and take advantage of the good-value investment opportunities available, nowhere more so than in the central London office market.”

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