National Grid 'could sell brownfield sites'

The National Grid has announced that it expects to make a decision on whether or not it is to sell its land assets by the end of the year.

The group this week announced details of further investments in both the UK and the US as well as an operating profit of 19 per cent.

The Times has said that the hundreds of sites owned by National Grid are attracting interest in the property sector because of their potential for redevelopment.

"The property portfolio generates between £60 million and £80 million a year for the company but could be worth much more to a developer," the paper has suggested.

"We have one of the largest portfolios of brownfield sites in the UK, often inner city, associated with old gasworks etcetera... about 500 sites in total," said National Grid chief executive Steve Holliday, according to Reuters.

The government is aiming to build 60 per cent of new homes on brownfield sites as part of its ambitious new housebuilding proposals.

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