Lloyds TSB to sell excess office space

Office design news from Morgan Lovell

Published on 04-02-2011

Global banking group Lloyds TSB has announced the sale of up to 500,000 sq ft of its office interior space that is currently not being used, it has been revealed.

The company has appointed agent CB Richard Ellis (CBRE) to look into the disposal of the offices, which are spread over more than 400 locations around the UK and are primarily found atop the bank's many branches.

Nigel Waring, asset management director for Lloyds, told Property Week: "This is a brand-new campaign we are using to supplement and add to the lettings from our normal vacant space portfolio. We brought CBRE in as lead agent in addition to local agents to give us all the benefits of their size and regional spread."

Meanwhile, Bradford council recently announced it is in the process of selling up to one-fifth of its offices in a bid to improve efficiency and centralise its services to the public over the coming months.

Posted by Adrian Norman