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Jon Hunt primes agents for £120m City sale

By James Buckley - Tuesday, July 10, 2018 15:31

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Jon Hunt’s Ocubis has instructed agents to sell one of its prime City of London office developments for £120m, CoStar News can reveal.

The Foxtons founder has instructed Savills alongside Capital Real Estate Partners to sell the freehold interest in Cannon Green, a 110,000 sq ft newly refurbished office next to Cannon Street station for a net initial yield of 5%, reflecting a capital value of £1,089 per sq ft.

The building is multi-let to nine office tenants and two retail/leisure occupiers, producing £6.41m per annum, reflecting £58.23 per sq ft overall. Since buying the building, Ocubis has upgraded the cladding and installed a double height reception podium.

The building’s occupancy has a weighted unexpired lease term of 12.1 years to expiry and 9.2 years to the lease breaks.

Canon Green is on the south of Cannon Street on a virtual island site bounded to the south by Upper

Thames Street, Suffolk Lane to the east, Bush Lane to the west and Gophir Lane to the north.

jbuckley@costar.co.uk

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