Marks and Spencer M&S has sold its former headquarters located in Baker Street, London to London & Regional Properties for £115 million.

The private property group, owned by Ian and Richard Livingstone, offered the best price among approximately 20 interested parties.

The property, known as Michael House, had been on the market since September and was sold for its net book value. M&S had obtained planning consent to demolish the existing building and replace it with a mixed-use development spanning 450,000 square feet.

M&S had relocated its headquarters to a purpose-built office building Waterside House in Paddington in September, but still maintains smaller offices in Baker Street, Chester, Salford Quays, and Stockley Park.

Source: The Guardian theguardian.com 04.02.2005