In June 2018, we announced the purchase of a 57,777 square foot mixed-use property on London’s Cannon Street, in the heart of the City. The property was purchased for £47million by our clients and our property partner, Riverside Capital.
Connection Capital clients were able to invest in tranches of £25,000 in Sherborne House, an attractive eight storey freehold office and retail building with a historic façade and a modern interior located close to the Bank of England, the London Stock Exchange and St Paul’s Cathedral.
The purchase price equates to around £800 per square foot (‘psf’), which compares favourably with other nearby buildings currently on the market or recently sold.
The property is in a prime location for rental and capital growth. Recent developments in the immediate vicinity include Bloomberg’s new £1billion European HQ and the Walbrook Building (both designed by Foster + Partners) and the 5 Star Ned hotel and private members’ club located in the Lutyens-designed 1924 former Midland Bank building.
The property will also benefit from the current redevelopment of Bank Underground Station, one of whose new entrances will be adjacent to it. This will further enhance the location’s already excellent transport links.
The mixed-use and multi-let nature of the investment reduces tenant risk and improves cashflows through diversification.
