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Land Securities To Refurb Home Office

LONDON-Land Securities has struck a deal with the UK government for the refurbishment and re-letting of the landmark Home Office building at 50 Queen Anne's Gate, London SW1. The new occupant of the 305,000-sf building will be the Department for Constitutional Affairs.

By Graham Parker | Updated on May 19, 2004

LONDON-The landmark Home Office building, overlooking St James’s Park at 50 Queen Anne’s Gate, London SW1, is to have a new occupier. Landlord Land Securities has struck a deal with the UK government to refurbish the building and re-let it to the Department for Constitutional Affairs.Francis Salway, chief operating officer at Land Securities, says the company will undertake the refurbishment on a full risk sharing arrangement. A new extended lease to the government has already been agreed under which Land Securities will provide a building maintenance and services programme. “We are combining our financial strength, development and FM expertise in a way that is unique within the property sector,” Salway says.The decision by the DCA to remain in Westminster will give a boost to the central London office market. The property industry had feared that central London could lose 20,000 government jobs under the Lyons Review, which proposed the relocation of government offices to cheaper locations outside the capital. However, new research from CB Richard Ellis shows that the impact may not be as severe as some had feared. CBRE’s analysis concludes: “We forecast a gradual release of space on to the Central London market over several years, not a sudden flood. Core headquarters functions are set to remain in London, so the government will remain a major occupier in the Victoria submarket.”

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