19-35 Baker Street

Introducing 25 Baker Street

Discover our premier project, previously known as 19-35 Baker Street, encompassing 298,000 sq ft, initiated in October 2021. Through a strategic agreement with The Portman Estate, our 55% share in a 69-year lease has been converted to a fully owned 129-year headlease, covering the 206,000 sq ft office segment. The initial ground rent is set at 2.5%, increasing to 6% over 29 years.

Development Details

• Features 45,000 sq ft of residential space available for purchase at 100 George Street W1, in partnership with Native Land, including 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 dissolution of our former joint venture.
• In February 2023, PIMCO pre-leased 106,100 sq ft of office space on levels five to nine at £11.0m per annum (£103 per sq ft) for a 15-year term without breaks.
• In August 2023, Moelis pre-leased an additional 49,200 sq ft of office space at £100 per sq ft (£4.9m per annum) on a 15-year lease with a break option in the tenth year.
• The commercial space at 25 Baker Street is now 76% pre-leased/sold, excluding the pre-completion expansion option.

Financial Overview and Sustainability

• Total capital expenditure is estimated at approximately £270m, partially financed through the 'green' tranche of our revolving credit facility.
• This building will be our first NABERS UK certified project, aiming for BREEAM 'Outstanding' certification.
• Estimated rental value (ERV) as of June 2023 is £20.0m (net).

Certifications and Completion

• 25 Baker Street has achieved Platinum SmartScore certification, setting a global benchmark for smart buildings with outstanding user experiences, cost efficiency, sustainability, and future-readiness.
• Anticipated completion in the first half of 2025.