British Airways to sell headquarters building in London
British Airways reportedly considers selling its headquarters building in London, the UK, as it plans to apply a “hybrid” approach to working policy.
A British air carrier will possibly sell its headquarters building, also known as Waterside, based near Heathrow Airport (LHR), London, as it has switched to working from home following restrictions of the ongoing pandemic. The company could allow its staff to continue working from home in the post-COVID era, combining it with a flexible possibility to work from the office as well. It means that the airline will probably need less office space after the pandemic.
Speaking to the media on March 19, 2021, the airline’s spokesman said that in order to emerge from the COVID-19 crisis, the air carrier restructured its business and considered whether it “still has the need for such a large headquarters building”. The potential sale of the building could become another option to strengthen the British Airways’ financial situation.
The cost of Waterside, designed by Norwegian architect Niels A. Torp, reached $279 million when it was built in 1998. The building consists of six different areas which represent each continent in which British Airways has operated.
According to an internal email seen by Bloomberg, the airline has hired a property company to assess if a sale of the building would be beneficial for the company.
The subsidiary of IAG has already taken measures to cut its costs in order to stay afloat during the crisis. The airline laid off more than 10,000 of its employees, retired its old aircraft earlier than planned, and even sold famous works of art which previously hung in its lounges.
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