BusinessTed Baker buys Camden's 'Ugly Brown Building' for £55 million'Iconic': Ted Baker has bought the Ugly Brown Building in CamdenGoogle StreetViewClare Hutchison17 December 2015Ted Baker has splashed out out more than £55 million to buy its Camden head office, even though the property's name may frighten its fashion-loving followers.The fashion retailer has acquired the freehold of Block B, Canal Reach, St Pancras Way, otherwise known as The Ugly Brown Building.It will set the company back £55.25 million plus a further £3 million in costs such as stamp duty.Ted Baker said it will finance the deal, struck with Leysin Investments, with the help of a £60 million loan.Despite its moniker, founder and chief executive Ray Kelvin called the Camden block, which cost more than £1.1 million to rent a year, "iconic". Expanding: Ted Baker has been moving beyond fashion with a Portmeirion ceramics range (Picture: Portmeirion) Portmeirion"The Ugly Brown Building has become an iconic building in a rapidly developing central London location and a very important ingredient of Ted Baker's history and unique personality," he said. "This is great news for our business, our brand, and our people."Read MoreWH Smith hire turnaround veteran with package that could be worth £25mBlue Posts boss: If opening a pub becomes so risky, people just won't do itWH Smith names former Balfour Beatty boss as executive chairmanSponsoredGet ahead with expert services designed to boost business developmentSeparately British Airways Property Trustees - a pension fund - have agreed to buy Blocks A and C at the same site.Ted Baker has taken an option to buy 50% of Block A from the fund for £5.1 million within the next 15 months.The firm added that buying up the building and securing an opportunity to expand provides certainty over costs.MORE ABOUTRetailPropertyTed BakerCamdenSt PancrasThe Ugly Brown Building
