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Our next major scheme 19-35 Baker Street, which totals 298,000 sq ft, is expected to commence at the beginning of Q4 2021 when we exercise our development option with The Portman Estate. Subject to payment, our 55% interest in a 69-year lease will become a wholly owned 129-year headlease on the 206,000 sq ft office element. The ground rent is initially 2.5% rising to 6% in 29 years’ time.

The development also includes 45,000 sq ft of residential for sale at 100 George Street W1, where we are working with Native Land, and affordable housing. The bulk of the remaining space will be pre-sold to The Portman Estate as part consideration for the unwinding of our previous 55:45 joint venture.

We have recently awarded the demolition contract, which was within budget, and plan to finalise the main building contract in H1 2022. The total capital expenditure is estimated at £271m and we will draw down monies from the ‘green’ tranche of our revolving credit facility. As well as joining our long-life, loose-fit high quality portfolio the building will be our first NABERS UK certified scheme and we are targeting BREEAM ‘Excellent’.

Completion is due in H1 2025.