The Gas Research and Technology Centre (GRTC), developed in the early 1990’s by the then British Gas, had performed a number of functions as progressive demerger and business pressures altered the shape and name of the Gas business.
Now part of National Grid Transco (NGT), the occupying subsidiary Advantica, had rationalised their occupation of the 475,000 sq ft complex set within 120 acres.
The complex is situated immediately adjacent to Loughborough University’s main campus running along its southern boundary.
GVA have traditionally undertaken all accommodation strategy work for Loughborough University and it had become clear that the main campus was starved of sufficient land to meet its ongoing expansion needs, both for educational and private sector collaboration purposes.
How GVA added value
GVA had for some time identified GRTC as a major landholding capable of meeting this potential. GVA’s close association with NGT enabled an opportunity to purchase the complex to be spotted prior to marketing and giving the University a longer lead in time to analyse the opportunity and arrange necessary funding.
The range of services provided by GVA was extensive. Investment valuation advice was provided on those parts of the site subject to a leaseback. Commercial Agency and Valuation advice was provided to educate the tender process and ensure a robust purchase price could be offered.
Following the competitive bid process, putting Loughborough University into a preferred bidder status, due diligence included planning, building consultancy and property management advice relating to the transfer of management contracts and setting up a service charge regime for the site.