25 Baker Street

Welcome to 25 Baker Street - A Premier Development

Introducing our latest flagship project, 25 Baker Street, previously known as 19-35 Baker Street. This development covers an expansive 298,000 sq ft and commenced in October 2021. After reaching an agreement with The Portman Estate, our 55% stake in a 69-year lease was transformed into a wholly owned 129-year headlease for the 206,000 sq ft office section. The ground rent begins at 2.5% and will increase to 6% over the next 29 years.

This project features 45,000 sq ft of residential space available for purchase at 100 George Street W1, in collaboration with Native Land, alongside affordable housing options. As part of the dissolution of our previous 55:45 joint venture, The Portman Estate acquired 19,000 sq ft of courtyard retail and 12,000 sq ft of Gloucester Place offices.

In February 2023, we revealed that PIMCO, a global investment management firm, pre-leased 106,100 sq ft of office space on levels five to nine for £11.0m, translating to an average of £103 psf. The lease spans a 15-year term without breaks. PIMCO holds an option to expand to include level four (24,700 sq ft), exercisable up to 12 months before practical completion. Currently, 56% of the commercial component of 25 Baker Street is pre-let/sold, excluding the pre-completion expansion option.

The total capital expenditure is projected at approximately £270m, with funds drawn from the 'green' tranche of our revolving credit facility. This building will be a prestigious addition to our long-life, flexible high-quality portfolio and marks our first NABERS UK certified project, targeting a BREEAM ‘Excellent’ rating. The estimated rental value (ERV) stands at £18.4m (as of December 2022).

Amenities:

• Brand new building;
• Impressive staffed reception;
• Shared terrace facilities;
• Floor-to-ceiling windows;
• State-of-the-art end-of-journey facilities.

25 Baker Street occupies an entire island site, offering approximately 205,000 sq ft on the west side of this bustling and renowned thoroughfare. The development also includes a new shopping and leisure area extending through to Gloucester Place.

The locale is enriched by numerous world-famous hotels, shops, and restaurants, including The Chiltern Firehouse, Trishna, and The Nobu Hotel Portman Square.