McAleer & Rushe Announces Joint Development with British Land
Apr 16Mc Aleer & Rushe today confirms it has sold 2-14 Baker Street, London, to British Land with the new development planned for the site to be carried out on a joint basis. The property is situated in a prime location on the corner of Portman Square, just north of Oxford Street. The existing 93,000 sq ft building was constructed in the 1950s and is largely vacant.
Planning consent was granted in 2009 for a new 139,000 sq ft office building with retail units at ground floor level. Redevelopment is planned to start during the course of this year with completion in 2013. The total cost of development including land is expected to be around £100 million.
Eamonn Laverty Managing Director McAleer & Rushe Group said, “By working with British Land we have brought together a wealth of London office development and construction experience which we believe will produce one of the best office buildings in the coming market, whilst also achieving a development funding solution in this difficult economic climate.”
Commenting on the acquisition, Tim Roberts, Head of Offices at British Land said, “This is a great opportunity for British Land to buy into one of the limited number of prime central London locations with planning consent at an early stage in the recovery cycle. We are optimistic about the outlook for rental growth in the West End office market and expect to generate strong returns as we leverage our development expertise. We look forward to working with McAleer & Rushe on this exciting project.”