British Gas Leicester HQ hits the market

An undisclosed institutional investor has tasked CBRE with finding a new owner for British Gas’s regional headquarters in Leicester. The 89,230 sq ft office building, known as Spinneyside, in situated on Penman Way at the Grove Park business park. Offers are sought in excess of £14.6m. British Gas has occupied the flexible workspace, spanning three floors, since it was built in 2004. The company has just signed a new 10-year lease on the entire property until September 2034. The building has recently undergone improvement and refurbishment works to provide an 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 is also one of those rare buildings which offers several long-term asset management and development opportunities, due to its connectivity, access to labour and the prominence of the site.” View market analytics for Leicester >> Photo from CBRE