The property is held in a joint venture between Derwent London and the Portman Estate.
The development will comprise around 293,000 sq ft net of commercial and residential space.
The delivery of the project has been scheduled for the early part of the 2020s.
- Plans submitted for mixed-use east London development
- Plans submitted for Newcastle-under-Lyme mixed-use scheme
- Planning consent granted for 50-acre Welsh residential development
John Burns, chief executive officer of Derwent London, said: “We are delighted that – with our partners the Portman Estate – we have the opportunity to make a further contribution to the revitalisation of the area.”
Oliver Fenn-Smith, property director of the Portman Estate, added: “These are exciting proposals for this key site in Baker Street and we look forward to working alongside Derwent London as they bring their expertise to this area of Marylebone.”