NI firm sells Baker St property site for £29m
Published 17/04/2010 | 05:00
Northern Ireland construction firm McAleer & Rushe has sold a large building on London's Baker Street -- home to the fictional detective Sherlock Holmes -- for £29m (€33.1m) to British Land.
The property on the site, which dates from the 1950s, is to be redeveloped by British Land at a cost of £100m (€114m).
Privately held McAleer & Rushe, which is one of Ireland's largest property groups, is headed by Eamonn Laverty.
The company will be contracted by British Land to undertake the redevelopment, and will also share in the development profits, according to a regulatory filing yesterday.
McAleer & Rushe had previously secured planning permission for the site at 2-14 Baker Street for a new 139,000 sq ft office block with retail units at the ground-floor level.
The existing building is almost entirely unoccupied and extends over 93,000 sq ft, just north of Oxford Street.
Mr Laverty claimed the new office would be "one of the best" on the market when it was finished, and said the deal with British Land had helped to achieve a funding solution in a difficult economic climate.
Tim Roberts of British Land said the firm was "optimistic" about the outlook for rental growth in London's West End office market and expected to generate "strong returns".