Learning disability charity Mencap has sold its Islington headquarters for around £8.5 million because so many of its staff now work from home.
The charity has been based in 19th century Concordia House at 123 Golden Lane since 1978 but decided to move out and sell the freehold after the shift to remote working.
Around 200 employees were based at the 18.600 sq ft office before the pandemic but only a fraction of had been coming in each day since the pandemic.
Mencap is now renting a new London based around the corner at East One, 20-22 Commercial Street in Spitalfields.
Jackie O’Sullivan, acting chief executive of Mencap, said: “Like many organisations, our offices are used differently and less frequently since the pandemic, with many colleagues choosing to take advantage of remote working. This means we don’t require the size of office space that we currently own.
“As a charity, it is crucial that we continually scrutinise the cost effectiveness of all of our operations and activities, so we have taken the decision to sell 123 Golden Lane and relocate to premises that are more in line with our requirements.
“We have consulted with colleagues across the organisation to ensure that the new space is inclusive, accessible, and meets the needs of our diverse workforce.
“We’re really excited to move to a smaller, more modern and fit-for-purpose space, that allows for collaboration between colleagues, improved accessibility and accommodates hybrid ways of working.”
The identity of the purchaser has not been disclosed but it is though likely that the building, which lies close to London’s Silicon Roudabout, will be refurbished and let to commercial occupiers.
David Earle, Head of London Office Advisory at property consultants Lambert Smith Hampton, which advised on the sale and the rental deal on the new premises, said: “We were pleased to be able to provide a seamless transition for Mencap from the disposal of 123 Golden Lane in challenging market conditions to the acquisition of their new office.”
Victoria Epplestone, Head of Property at Mencap, added:
“LSH was able to offer us a bespoke approach to meet our needs as a charity. We need to be based in London and LSH was able to share their excellent market knowledge to allow us to balance the cost and location pressures we needed to meet.”
