20th Sep 2005 12:38
British Land Co PLC20 September 2005 20 September 2005 BRITISH LAND SELLS 2-16 BAKER STREET, LONDON W1 British Land is selling its interest in 2-16 Baker Street, London W1, to McAleer& Rushe Ltd. for £57.20 million, significantly above its March 2005 book value.Completion is due to take place shortly. The building, built in the 1950s and last refurbished in the 1980s, comprisessome 94,000 sq. ft. of office, retail and ancillary accommodation and is held ona 98 year headlease from the Portman Estate. The offices are let to BDO StoyHayward on a lease expiring in December 2009 with an average rent of £46.00/sq.ft. The retail accommodation is let under four separate leases, with the longestlease expiring also in December 2009. The current income receivable from theproperty equates to £3.69 million per annum. British Land was represented by Jones Lang LaSalle and James AndrewInternational. McAleer & Rushe was represented by Stan Cooney Associates. Contacts: The British Land Company PLCJohn Weston Smith tel: 0207 467 2899Tim Roberts tel: 0207 467 2977 FinsburyEdward Orlebar tel: 0207 251 3801 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
British Land