Got a spare £200m lying around? If so, the McLaren Technology Centre could be yours. The company has appointed a property agent to market it, although it has no intention to leave its home of the past 17 years.
McLaren, which was forced to make 1200 positions redundant and borrow £150m from the Bank of Bahrain earlier this year, urgently needs to shore up its balance sheet and reduce its debts. The MTC was valued at £200m on its most recent set of accounts. If a sale goes through, McLaren will in effect become a tenant.
"We're going to do a traditional sale and lease back," says CEO Zak Brown. "I think the majority of companies in this world don't actually own the real estate they are tenants of. We've got a lot of cash tied up in that building, and that's not a very productive use of funds when you're looking to invest in your business.