British Land is selling its interest in 2-16 Baker Street, London W1, to McAleer & Rushe Ltd. for £57.20 million, significantly above its March 2005 book value. Completion is due to take place shortly.
The building, built in the 1950s and last refurbished in the 1980s, comprises some 94,000 sq. ft. of office, retail and ancillary accommodation and is held on a 98 year headlease from the Portman Estate. The offices are let to BDO Stoy Hayward on a lease expiring in December 2009 with an average rent of £46.00/sq. ft. The retail
accommodation is let under four separate leases, with the longest lease expiring also in December 2009. The current income receivable from the property equates to £3.69 million per annum.
British Land was represented by Jones Lang LaSalle and James Andrew International. McAleer & Rushe was represented by Stan Cooney Associates.
Source: British Land