Oil company Conoco has instructed CB Hillier Parker to seek a sale-and-leaseback of its headquarters at Warwick Technology Park for £37.5m.
The decision to sell follows hot on the heels of BP’s decision to dispose of offices at Breakspear Park in Hertfordshire and the Dyce office complex in Aberdeen for £110m. Shell recently announced plans to either sell or let Shell Mex House, London, WC2, as part of a European-wide cost cutting programme.
Conoco’s Warwick property comprises 23,225 sq m (250,000 sq ft) and Conoco has undertaken to pay £3m pa for a 17-year lease with a break at year 12. The US oil giant bought a 150-year lease on 7.69ha (19 acres) at Warwick in 1989 and developed the five-building campus itself.
CB Hillier Parker’s Mark Routledge said: “As with many corporates, like BP, Conoco thought money invested in property would be better invested in their business. Property ownership is not their game.”
As well as Conoco, Rover occupies 6,968 sq m (75,000 sq ft) and Arthur Andersen occupies 2,787 sq m (30,000 sq ft) at the scheme.
EGi News 16/10/98
Do you have a comment about this story? Send a note to the editor.
