The Competition and Markets Authority has hired GVA to find it a new 100,000 sq ft headquarters building in central London.
The body, formerly known as the Competition Commission, currently occupies around 70,000 sq ft of space at Victoria House, 37 Southampton Row, WC1, at a rent of £50 per sq ft. The building is owned by Lebanese investor M1 Real Estate.
To find similar or lower rents, it could be pushed further out of central London – Stratford or Croydon have both recently become hubs for government departments in search of value.
The CMA is a non-ministerial government department responsible for strengthening business competition and preventing and reducing anti-competitive activities.
A GVA spokesperson said: “The Competition and Markets Authority (CMA) has appointed GVA to manage its professional estates services contract until the end of 2019.
“The contract will provide the CMA with estate services for its withdrawal from current headquarters at Victoria House in Bloomsbury Square, and the acquisition of new 100,000 sq ft premises.”
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