Search
 

Marks Quits Baker Street for Paddington

LONDON-Marks & Spencer, the UK's number one general retailer, is to pull out of its central London headquarters on Baker Street, London W1 and move to Chelsfield's Paddington Basin development.

By Graham Parker | Updated on May 22, 2001

LONDON-Marks & Spencer, the UK’s number one general retailer, is to pull out of its central London headquarters on Baker Street, London W1 and move to Chelsfield’s Paddington Basin development on the northern fringe of the West End.

Marks & Spencer has signed a pre-letting with Paddington Development Corp. for a 240,000 sf development, designed by Lord Rogers. As well as housing the retailer’s head office, the centre will also have a 13,000 sf Marks & Spencer store selling food and clothing. Completion is expected in 2003.

Marks & Spencer moved into Michael House, its current 480,000 sf Baker Street head office, in 1957, and it still employs 3,000 people there. The site is held on a 100-year lease from the Portman Estate, and Marks & Spencer’s move opens up the possibility of a marriage value deal to facilitate a redevelopment project.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.