M&S plans £125m HQ development
MARKS & Spencer has unveiled plans for a major redevelopment of Michael House, its Baker Street headquarters in London, ahead of the retail group's relocation to Paddington next year.
It has been working on the 750,000 square foot scheme, designed by architects Kohn Pedersen Fox, the company behind Heron Tower, for the past 18 months.
Likely to be worth £400m-plus when completed, the scheme will cost £125m to carry out although M&S is not expected to fund the development itself.
It will include eight floors of office space, shops, a health club and swimming pool and 32 homes. M&S has submitted its planning application to Westminster City Council and hopes for an initial view in November, with a formal decision from the council next spring.
Michael House has been home to M&S since 1957 - it has a 101-year lease from the Portman Estate and pays rent of just £16,000 a year.
M&S property director Chris Williams believes the scheme will attract worldwide interest. 'It's a unique opportunity to get involved in one of the biggest redevelopment schemes in Europe,' he said. 'It's a fitting legacy to our time in the area.'
