British automotive brand McLaren has placed its United Kingdom headquarters up for sale, to be priced "in excess of £200 million (AUD$325 million)" in an effort to recoup funds amid a dramatic decline in revenue.
The Woking, Surrey, site has been in McLaren's possession since 2004, but the company is hoping to sell it before the end of this financial year under a proposed sale-and-leaseback that could see McLaren become a tenant in its own HQ.
According to Autocar, a final sale price is yet to be determined but a McLaren spokesperson confirmed the company was expecting more than £200 million for the property, which is comprised of three buildings located on 50 hectares of land.
Marketing of the sale will be overseen by property agent Colliers, with Sky News reporting the opportunity is expected to attract international property investors.
The planned sale of the McLaren Campus follows the supercar specialist announcing 1200 staff redundancies in May 2020 in an effort to stay afloat during a financial downturn exacerbated by the coronavirus crisis.
Above: The sustainably designed McLaren Technology Centre.
In July 2020, McLaren managed to secure a £150 million (AU$270 million) loan from the National Bank of Bahrain after its application for a loan of the same amount from the British government was rejected.
"The potential sale and leaseback of our global headquarters and the appointment of banks to advise us on a debt restructuring and equity raise are part of the comprehensive refinancing strategy that we announced earlier this year," a McLaren spokesperson told Sky News.
"Building on the shorter-term measures that we put in place over the summer, these initiatives will deliver a stronger balance sheet and ensure that McLaren Group has a sustainable platform for long-term growth and investment.
"The proposed sale and leaseback mirrors best practice among leading companies and will have no impact on our day-to-day operations.
"The McLaren Campus, comprising the McLaren Technology Centre, McLaren Production Centre and the McLaren Thought Leadership Centre, is an iconic, world-class facility that will remain our home in the future."