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Investment specialist Riverside Capital has exchanged contracts on a prime, mixed-use development – Sherborne House in the City of London – for £47.15 million. The building on Cannon Street lies at the heart of the City, adjacent to what will be one of two Bank Station entrances, and comprises six floors of partly-refurbished offices together with three retail units on the ground floor and basement, currently occupied by market-leading health store Holland and Barrett, L’Express, and Fuller Smith & Turner.
Eugene O’Sullivan, Managing Director at Morgan Pryce and London’s leading chartered surveyor, explains; “There is an 8%–9% vacancy rate in the City, headline rents are depreciating, and landlords are having to give away large rent-free periods to tempt tenants. This has influenced the investment market; investors can currently buy developments and office schemes at a heavily discounted rate.”
Riverside Capital is now raising £27.5 million of equity from its qualifying private investors to complete the acquisition, with the minimum investment available being £25,000. Dominic Wright, Group Chief Executive, says; “The City of London is being transformed by a new dynamic. No longer the domain of all things banking, you now find tech giants, shared working spaces, five-star hotels and a retail offering to rival London’s West End.”
O’Sullivan agrees; “The growth of the fintech and property tech industry means that occupiers are looking to be city based. Prime locations like Sherborne House and high quality office buildings will provide a strong performance for the market, despite uncertainty caused by Brexit.”
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