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BA Offloads Surplus Gatwick Office Space

LONDON-British Airways has assigned the lease on Atlantic House, Three Bridges, Crawley, West Sussex, to London Electricity Group in return for a reverse premium.

By Graham Parker | Updated on April 16, 2003

LONDON-Following its withdrawal from London Gatwick Airport last year, British Airways has assigned its lease on Atlantic House at Three Bridges, close to the airport in Crawley, West Sussex, to London Electricity Group in return for a reverse premium.

Atlantic House is a 20,700-sf air-conditioned office building which was held on a lease expiring in July 2013 at a passing rental of £323,000 ($507,000) per annum, equivalent to £15.60 ($24.50) per sf.

As part of the deal, BA negotiated the surrender of the existing under-letting to British Telecommunications Plc. This lease at a passing rental of £496,944 ($780,000) per annum was originally due to expire at August 2004. British Telecommunications paid a reverse premium to surrender their leasehold interest.

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