19-35 Baker Street

Introducing 25 Baker Street

Our latest flagship project, formerly known as 19-35 Baker Street, spans 298,000 sq ft and commenced in October 2021. Through an agreement with The Portman Estate, our 55% stake in a 69-year lease transformed into a wholly owned 129-year headlease covering the 206,000 sq ft office component. The ground rent initially stands at 2.5%, escalating to 6% over 29 years.

Development Details

• Includes 45,000 sq ft of residential space for sale at 100 George Street W1, in collaboration with Native Land, along with affordable housing units.
• 19,000 sq ft of courtyard retail and 12,000 sq ft of Gloucester Place offices were sold to The Portman Estate as part of the unwinding of our previous joint venture.
• In February 2023, PIMCO pre-let 106,100 sq ft of office space on levels five to nine at £11.0m pa (£103 psf) for a 15-year term without breaks.
• In August 2023, Moelis pre-let a further 49,200 sq ft of office space at £100 psf (£4.9m pa) on a 15-year lease with a break option in the tenth year.
• Commercial space at 25 Baker Street is now 76% pre-let/sold, excluding the pre-completion expansion option.

Financial Overview and Sustainability

• Total capital expenditure estimated at approximately £270m, funded partially from the 'green' tranche of our revolving credit facility.
• The building will be our first NABERS UK certified scheme, targeting BREEAM 'Outstanding' certification.
• Estimated rental value (ERV) as of June 2023 stands at £20.0m (net).

Certifications and Completion

• 25 Baker Street has achieved Platinum SmartScore certification, a global standard for smart buildings recognizing exceptional user experiences, cost efficiency, sustainability, and future-readiness.
• Expected completion in the first half of 2025.