McLaren Is Selling Its Iconic HQ, Expects Offers Upwards of $250 Million

The iconic McLaren Technology Center is estimated at £200 million ($256.5 million) 1 photo
Photo: McLaren
As the saying goes, “when push comes to shove.” It’s that time for luxury automaker McLaren, which is now looking into the possibility of selling its iconic headquarters in Woking, Surrey, UK.
The first signs that McLaren was in financial trouble came in May this year, when the harsher effects of the ongoing health crisis became apparent: after suspended operations, extended lockdown and constant decrease in sales, McLaren turned to the British government for help. A request for a loan was denied, on the grounds that the marque had yet to exhaust all financing options, so the decision was made that the Woking HQ would be mortgaged to obtain a loan.

That initial decision has evolved: City A.M. reports that McLaren has instructed a real estate agency to start marketing for sale-and-leaseback of the McLaren Technology Center. This type of contract would entail selling the HQ, but without McLaren having to move out: basically, the company would lose the right over the building and would stay on as renters.

Built by architect Norman Foster and officially opened in 2003, the center houses the McLaren office building and the McLaren car collection, a test wind tunnel, and is a massive property with several lakes and gorgeous, perfectly manicured greenery. It is one of the most iconic automotive settings, and the mere fact that it will no longer be McLaren property is enough to get supporters of the marque feeling nostalgic. Estimated at £200 million ($256.5 million), McLaren is hoping to get even more money for the HQ.

Other than that, nothing will change at McLaren, except hopefully for the better, a spokesperson tells the publication.

“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,” the spokesperson explains.

“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,” the statement adds.

But it will be a home that McLaren pays rent for.
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About the author: Elena Gorgan
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Elena has been writing for a living since 2006 and, as a journalist, she has put her double major in English and Spanish to good use. She covers automotive and mobility topics like cars and bicycles, and she always knows the shows worth watching on Netflix and friends.
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