Following the move into the UNISON Centre, the NEC reviewed the options for the future of the old head office at Mabledon Place.
The building was marketed extensively to ensure that the full value of the building could be realised and a preferred developer chosen.
Planning consent was obtained last year to allow a complete refurbishment of the building to provide-up-to date and more efficient office accommodation.
There will be some changes to the external appearance of the building, and energy consumption of the building will be reduced by including a range of energy efficient systems.
While UNISON will retain the residual freehold interest, the building has been sold to the developer on a 153-year lease.
They will fund the modernisation works, which will take place over the next 18 months, and then market the building to prospective tenants.
Once the building is let, UNISON will receive a share of the rental income for the length of the lease, while the developer will continue to manage and maintain the property and fund all outgoing expenditure including rates.
The building will be ready for occupation by the beginning of 2015.
Income from the sale of the lease on Mabledon Place will allow the balance of the loan for the UNISON Centre to be fully repaid during 2014. This will complete the strategy for funding the new building.