50 Baker Street

Basic Information about this House

A recent joint venture, titled '50 Baker Street W1 JV,' completed the acquisition of three leasehold properties in Q3 2021. These properties, situated at 38-52, 54-60, and 66 Baker Street W1, collectively span 122,300 sq ft, generating a passing rent of £5.2m (100% share).

Location and Neighbourhood

The acquired leasehold interests encompass a tenure varying from 38 to 46 years. These properties, in conjunction with a fourth building under the ownership of The Portman Estate, form a 1.0-acre island site. This site has immense potential for redevelopment, estimated at approximately 240,000 sq ft, subject to securing planning permissions for the proposed expansion.

Community

Further negotiations involve the potential of an additional £7.25m deferred consideration, contingent on receiving planning consent for the larger redevelopment scheme and renegotiation of the headlease terms. The aim is to obtain vacant possession by the end of 2024, facilitating the joint venture's initiation of on-site operations shortly before the completion of the 25 Baker Street project, located opposite and also owned by The Portman Estate.