Cannon Street trophy on the block for £145m

By James Buckley - Wednesday, October 10, 2018 15:00

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AOG Real Estate and its London operating partner Morgan Capital have instructed Cushman & Wakefield and HFF to selectively market 45 Cannon Street for sale for £145.8m, CoStar News can reveal.

The asking price for the corporate vehicle reflects a net initial yield of 4.25% on the passing rent of £6.31m per annum and a capital value of £1,579 per sq ft.

The building completed in late 2017 and the final floor has recently been placed under offer after initially preletting the majority of the office space to two global fintech companies – Global Relay and OpenText – and four retailers, including Shake Shack.

The Fletcher Priest designed development includes 85,362 sq ft of grade A offices and 7,000 sq ft of restaurant and retail fronting Cannon Street and Bow Lane.

The corner building has roof terraces totalling over 6,500 sq ft overlooking the River Thames and St Paul’s Cathedral and the wider City of London skyline. The property is multilet with an WAULT of circa 12 years.

jbuckley@costar.co.uk

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