Marks & Spencer is expected to appoint a property adviser by the end of the month to handle the sale of the 100-year lease on its Baker Street, London, head office.
The company is then expected to seek planning permission for redevelopment before putting the building up for sale.
The retailer could earn a windfall profit of up to £400m from the sale. It would be one of the latest development opportunities in the West End. It could make room for up to 72,462 sq m (780,000 sq ft) of offices, flats and shops.
The Portman Estate owns the freehold of the site so M&S would have to share some of the profits.
The Times 14/06/01 page 28
