British Land has added another prime location property to its £7.9 billion portfolio.
A major
development investment firm has agreed to purchase a property on Baker Street, London W1 for £29 million, it has been announced.
British Land plans to use the building, situated on the corner of Portman Square, for
commercial development, with planning permission granted in 2009 for a new 139,000 sq ft office at ground level.
Previous owners McAleer & Rushee have been retained as contractors for the development, while the total cost of the work on the vacant 1950's building is expected to be around £100 million, including the cost of the land.
"This is a great opportunity for British Land to buy into one of the limited number of prime central London locations with planning consent at an early stage in the recovery cycle," said Tim Roberts, head of offices at British Land.
He went on to add the company was expecting to see growth in the West End rental market.
Over the last two years, the company claims to have added 1.7 million sq ft of space to the City and West End markets through commercial development.
Posted by Hadji Singh.
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