M&S sells its HQ for £115m

HIGH STREET stores giant Marks & Spencer has closed the doors on half a century of history by selling its old Baker Street headquarters.

The troubled retailer sold Michael House to developers London & Regional Properties for £115m.

London & Regional - run by brothers Ian and Richard Livingstone - was chosen ahead of a large number of bidders, including Gerald Ronson and British Land.

The Livingstone brothers have a reputation in the property world for swift completions, something thought to have appealed to M&S chief executive Stuart Rose.

Michael House's fate was sealed after Rose's predecessor Roger Holmes drew up plans to move to Paddington Basin. The last employee of M&S left Michael House in September.

M&S said the deal is expected to be completed in the next three months and that it will use the proceeds from the sale for 'general corporate purposes'.