Aerospace giant BAE Systems will dispose of hundreds of acres of development land over the next three years.
It is working on a three-year strategy to realise value throughout its £300m UK property portfolio. It wants to create individual strategies for each of its subsidiary companies, including its avionics and aircraft carrier divisions.
The first site to be released is likely to be its former research and development plant in Stanmore, north-west London.
A masterplan for the 30-acre avionics site at the Grove is to be drafted before it is sold off with planning permission. A residential scheme will dominate the site, which comprises 373,000 sq ft of hi-tech space.
The avionics operation will be moved to Capability Green, Luton, where a 10-acre site, capable of housing 200,000 sq ft of space, has been bought from Pillar Property and Haslemere.
BAE will also start to work on plans for its 16-acre Civil Enclave site, which adjoins Arlington’s Farnborough business park. An office development is expected on site.
The firm is also preparing to take over Orange’s 60,000 sq ft office at Aztec West business park in Bristol to cater for its proposed joint venture with electronics systems group Thales for the Royal Navy’s £2.9bn Future Aircraft Carrier project.
CB Hillier Parker and ATIS REAL Weatheralls were this week appointed to advise on the strategy and identify opportunities for sales.
Further imminent deals include a £30m sale-and-leaseback of BAE’s 125,000 sq ft Eastwood House in Chelmsford.
A £60m refurbishment of a research and development centre at Loughborough University is also planned alongside the ongoing sale of Filton airfield, which includes more than 300,000 sq ft of warehouse space in Bristol.
BAE was unavailable for comment.
References: EGi News 14/07/03
