End of an era for H&B HQ

One of the oldest UK surveying firm head offices is about to be sold.

Healey & Baker’s base at 25-27 St George Street, London, is under offer to Belvedere Smith Portfolio, the joint venture between Portfolio Holdings and Julian Smith.

The property company, which is backed by US investor Apollo, is understood to have offered £15.3m for the Mayfair office, owned by BAA Lynton. The parties are due to exchange in two weeks.

Healey & Baker, which pays just over £1m a year in rent, has occupied the building for 50 years. It has just four years left on the lease and it is shortly expected to depart from the building, marking the end of an era for the firm.

Healey & Baker has already been linked with Burford’s redevelopment of Mayfair Place on Berkeley Street. If the firm moves it will present Belvedere Smith Portfolio a prime redevelopment opportunity.

baa Lynton, through Drivers Jonas, was asking £13.5m for the property. Underbidders are thought to include Benchmark, City & West End Developments, Great Portland Estates, Minerva and ASDA Property.

Whitmarsh Holt Young and Weatherall Green & Smith are understood to have acted for Belvedere Smith Portfolio. Both parties declined to comment.