Office space investment giant British Land has confirmed plans for a new, central London office development.
The move follows the announcement that the company had acquired 2-14 Baker Street in a deal worth £29 million, which was completed on April 16th.
Planning permission for a 139,000 sq ft mixed-use office and retail development on the site has already been secured.
British Land previously held the property it has just added to its portfolio in 2005, before selling it to McAleer & Rushe for £57.2 million.
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.”
Measuring some 93,000 sq ft and completed in the 1950s, 2-14 Baker Street is located in Portman Square near Oxford Street.