50 Baker Street38-70 Baker StreetGuide Price£500,000

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50 Baker Street in Marylebone, London

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In the third quarter of 2021, a novel partnership initiative, identified as '50 Baker Street W1 JV', emerged through a collaboration between Lazari Investments and another party. This endeavour led to the acquisition of three leasehold properties situated on Baker Street, specifically the premises numbered 38-52, 54-60, and 66, cumulatively spanning 122,300 square feet. These acquisitions come with a combined annual rental income of £5.2 million for the entirety of the share.

The leasehold interests in these properties vary, with durations extending between 38 to 46 years, reflecting a mixture of medium to long-term investment horizons. Financially, the total sum paid for these acquisitions aligns with a net initial yield of 4.0%, highlighting the venture's immediate return rate on the investment.

Notably, these properties, in conjunction with an additional building owned by The Portman Estate, together constitute an island site over an acre in size. This configuration presents a unique redevelopment opportunity with preliminary studies suggesting the potential to expand the developable space up to approximately 240,000 square feet. Such an expansion, however, is contingent upon securing pertinent planning permissions for the proposed larger scheme and renegotiating the terms of the headlease. Upon meeting these prerequisites, an additional £7.25 million will be payable to the vendor in deferred consideration.

The strategic significance of this acquisition is underscored by the potential for obtaining vacant possession towards the end of 2024. This timeline coincides advantageously with the projected completion of another key project at 25 Baker Street, directly across from the site and also owned by The Portman Estate. It points towards a meticulously planned expansion and redevelopment phase in one of London's prime locations.

The formal step towards realizing this vision was taken in the last quarter of 2022, with the submission of a planning application, marking a critical milestone in the project's lifecycle.

This overview serves to illuminate the facts surrounding the joint venture's acquisition and future prospects of the Baker Street properties without delving into the speculative or promotional. It is essential to consult directly with the developers or authorized agents for specific details and to verify the accuracy of property descriptions and related information.

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