50 Baker Street

The joint venture is strategically planning to begin on-site operations shortly before the completion of another key project, 25 Baker Street, which is also owned by The Portman Estate and located directly opposite. The aim is to achieve vacant possession by the end of 2024, coordinating development efforts between these closely related projects. This alignment could enhance both the architectural and economic value of this prime area in London.

A significant partnership, the '50 Baker Street W1 JV', has recently secured three leasehold properties: 38-52, 54-60, and 66 Baker Street W1, totaling 122,300 sq ft and generating a passing rent of £5.2m (100% share). The leasehold durations vary from 38 to 46 years, offering substantial potential for redevelopment. The collective land, covering a 1.0-acre island site, alongside another freehold property owned by The Portman Estate, could potentially accommodate an expansive development of up to c.240,000 sq ft. A planning application for this expansive scheme was officially submitted in Q4 of 2022.

Moreover, the properties at 50 Baker Street have earned recognition, achieving a Platinum SmartScore certification. This prestigious certification stands as a global benchmark for intelligent buildings, acknowledging exceptional user experiences, sustainable practices, cost efficiency, and readiness for future advancements. The venture holds the promise of substantial growth and redevelopment potential, presenting a strategic opportunity for the near future.