National Grid has appointed Capita Symonds to work across its £400m portfolio of surplus sites.
The firm will be responsible for all lettings, asset management, small and medium site sales and town planning work on approximately 500 of its surplus brownfield sites.
The appointment sees National Grid consolidate its outsourcing from around 25 property advisors to a single service provider. The company says this will reduce operating costs, maximise rental income and accelerate site sales, all of which will increase the overall performance of its property portfolio.
Around 40 strategic sites with potentially higher value opportunities will be managed internally by National Grid Property and developed in conunction with joint venture partners.
Phil Edwards, major sites development manager, at National Grid Property said: “The appointment of Capita Symonds follows a comprehensive selection process which has identified a single adviser best positioned to manage and help maximise the returns from our sizeable portfolio of our land.
“Capita Symonds will be able to develop a more comprehensive vision of the entire portfolio, which will allow us to identify wider opportunities and enable our own team to focus on 40 key strategic sites which could unlock greater value.”
Jonathan King, director of corporate services at Capita Symonds who will lead on the National Grid Property portfolio, said: “The 500 sites we will be managing on behalf of National Grid Property represent a significant and exciting portfolio of land and property across the UK. We believe we will be able to bring a strategic view and consistency of approach which will increase the overall value and improve the efficient management of the portfolio.”
The appointment of Capita Symonds follows a six-month selection process. Ernst Young and Berwin Leighton Paisner advised National Grid.