The landmark former Credit Lyonnais office building at 30 Cannon Street, EC4 has been sold for £34.650m by Westbrook Partners to property group Thurleigh Estates in partnership with Tyburn Lane Private Equity. The building occupies an island site between the junction of Queen Victoria and Cannon Streets.
Originally built in 1978, the 74,255 sq ft (6,898.5 m) of offices have been refurbished several times and are multi let to a range of tenants with a current rent role of £2,492,858 pa. The sale reflects an initial yield of 6.93%.
Comments Ronnie Franks) of SMPA (Smith Melzack Pepper Angliss), the purchaser’s agents, “Many of the present leases expire in 2008 and are currently let at sensible rents. This, together with possible adjacent redevelopment opportunities augurs well with the anticipated upturn in the City occupational market in mind”.
Hargreaves Goswell Down acted for the vendors, Westbrook Partners.
UPDATE, the SMPA newsletter - Issue 5