National Crime Agency HQ sold for £41m

The Bank of London and the Middle East has purchased the Warrington office building from a subsidiary of Santander Group.

Situated at 100 Longbarn Boulevard in Birchwood’s Olympic Park, the property comprises 136,000 sq ft of office space and 501 parking spaces.

The building, occupied by the National Crime Agency, is fully let to the UK government on a long lease with a WAULT of 13.6 years. It was built in 2000 and received an extension in 2010.

The £40.6m price tag for 100 Longbarn Boulevard is £3m less than Santander’s pension investment fund spent to acquire the site in 2019. According to HM Land Registry documents, the Santander subsidiary paid £43.6m at that time for the property.

Speaking about the purchase, Ashish Mehta, director of real estate Investments at BLME, said: “The acquisition of 100 Longbarn Boulevard is a further vote of confidence in northern commercial property.

“This is a compelling investment and aligned with our investment strategy of acquiring income-generating assets with index-linked rent reviews.

“The asset is backed by a strong tenant and we are encouraged by their commitment to the building and the location.” Mehta continued. “The asset was acquired at an attractive price and we expect to generate a steady return for our investors.”

Asset management company Darin Partners advised BLME on the acquisition and has subsequently been appointed as asset manager.

David Bell, chief executive of Darin Partners, said: “Critical to acquiring any office asset in the current cycle is understanding the tenants’ occupational needs. What stood out to us on NCA Warrington, was the tenant’s requirement to work from a secure office environment, ensuring their commitment to the office campus.”

Knight Frank advised BLME and Darin Partners on the deal.