25 Baker Street

Our newest major scheme is 25 Baker Street that completed in Q3 2025. The 298,000 sq ft development comprises 218,000 sq ft offices, 28,000 sq ft retail and 52,000 sq ft residential (41 private and 10 affordable).

The private units at 100 George Street, totalling 45,000 sq ft, have been developed in partnership with Native Land. Of the 41 units, 23 have either completed or exchanged for sale and the 7,000 sq ft of affordable housing has been pre-sold. As part consideration for the unwinding of our previous 55:45 joint venture, the 19,000 sq ft of courtyard retail and 12,000 sq ft of Gloucester Place offices was pre-sold to The Portman Estate.

In January 2025 we announced that all 204,300 sq ft of office space at the development was fully pre-let to five tenants. In 2023 we announced pre-lets to PIMCO, the global investment management company, and to global independent investment bank Moelis. Subsequently we have let to three more occupiers - Cushman & Wakefield, InvestCorp and Sculptor Capital Management, taking the office rent roll to £21.2m. These lettings highlight the strength of demand for high quality, design-led and amenity-rich spaces in the right location with class-leading sustainability credentials. With rents across the building ranging from £98 to £113 psf, the £104 psf average is a 16.5% premium to the appraisal ERV, setting a new benchmark for the area. The weighted average lease term (to break) is 13.5 years, with over 70% on 15-year terms certain.

In addition to the office lettings, we are encouraged by the level of interest for the retail and F&B units which form an integral part of the scheme’s amenity offering. Three of the six units are now let (Notto and Atis) with discussions ongoing on the remaining units.

The total capital expenditure is estimated at c.£270m 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 ‘Outstanding’. The (net) ERV is £21.3m (Jun 2025).

25 Baker Street has achieved a Platinum SmartScore certification. A global standard for smart buildings recognising exceptional user experiences, cost efficiency, high standards of sustainability and future-readiness.