Northern Irish firm is due to start work on Baker Street block for British Land this year

Northern Irish firm McAleer & Rushe is set to build a £70m office block on London's Baker Street for British Land.

British Land bought 2-14 Baker Street, a near-vacant fifties block, from McAleer & Rushe this week for £29m. As part of the sale agreement, the firm has been hired to build a new 139,000ft2 office on the site, and the firm will take a share of the development profits.

The total cost if the scheme is expected to be about £100m, including the cost of the land. Planning has already been granted and work is due to start this year.