HR Owen is searching for a new two acre site for its Jack Barclay Bentley car servicing business following the American Embassy’s acquisition of its Wandsworth site.
The lease on the property does not expire until 2017 and HR Owen will receive £10 million for surrendering the site early, paid in instalments by 2012.
HR Owen was advised to surrender its lease early by Adlers, the chartered surveyors.
Nick Lancaster, HR Owen chief executive, told AM back in October that the money from the deal would be used to acquire a new site either leasehold or freehold and would also help to reduce its gearing.
Adlers is now conducting the search for the new two acre site.