Lloyds to release UK office space with help of CBRE

Lloyds Banking Group has started a campaign to release surplus UK offices

Article posted: 04 Feb 2011

Companies looking to rent offices in London and elsewhere could soon move into premises formerly occupied by Lloyds Banking Group.

The firm is aiming to offload 500,000 sq ft of office space it no longer requires and has appointed CB Richard Ellis to manage the process, Property Week reports.

A portfolio of about 400 offices will be available as part of the bank's Release programme, with a special website launched for potential tenants to view the properties.

"This is a brand new campaign we are using to supplement and add to the lettings from our normal vacant space portfolio," explained Nigel Waring, asset management director at Lloyds.

He told the publication that placing all available offices on one website will provide "the convenience of a single point of contact".

Many of the properties are no longer needed following the merger of Lloyds and HBOS in January 2009.

Last June, it was rumoured that Lloyds was looking to establish a new northern hub with 200,000 sq ft of office space in Manchester's Spinningfields district.

Posted by Jenni