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By the end of 2018, CCLA Investment Management instructed Savills to put 80 Cannon Street in the City of London on the market for £60 million. The specialist charity and religious organisations fund manager purchased the property in 2014 for £44.5 million, and the new asking price reflects a 4.5% yield.
CCLA has carried out extensive development of the building over the last year, with new lifts, mezzanine office floor and smart new reception area. It now offers 53,692 sq ft of office and retail space, and annual rent for the whole building is over £3 million — an average of £56.24 per sq ft.
Pharmacy high street giant Boots currently occupies the single shop unit on the ground floor, and the site is also home to 10 office tenants, including Freight Investor Services and construction consultancy Silver. Meanwhile, the first and second storeys of office space are currently available, offering 4,047 sq ft and 4,982 sq ft, respectively. The vacant space has already garnered significant interest and is expected to be taken-up quickly, with rent predicted to achieve £65 per sq ft.
The sale of the building will include a 12-month rental guarantee for the vacant floors.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.