Marks & Spencer has appointed Jones Lang LaSalle to advise on the disposal of its Baker Street headquarters. The sale of the retailer's prime asset is expected to raise around £200m. M&S holds a 100-year lease on the 400,000 sq ft building at peppercorn rent payable to the freeholder, the Portman Estate. Property observers reckon that the site offers one of the most significant development opportunities in London's West End. M&S, which traditionally held freeholds of the bulk of its stores, also plans to raise around £300m from sale and leaseback deals on 79 of its stores through Healey & Baker and Morgan Stanley. Combined rent roll on the portfolio is £26.9m. {{PROPERTY }}