CCLA launches sale of City of London office

CCLA Investment Management has launched the sale of a 10-storey City of London office building for £51.4m. 80 Cannon Street, EC4, comprises 52,887 sq ft of office and retail space arranged over basement, ground, mezzanine and nine upper floors. The specialist fund manager for charities has appointed Allsop to market the sale of the building and is seeking offers at a net initial yield of 6.75% and a capital value per sq ft of £973. The building is currently 95% let to 11 tenants. The retail space is occupied by Boots, while office tenants include Long & Partners, Structure Tone and Freight Investor Services. The building produces rent of £3.7m per annum. CCLA acquired the building in 2014 for £44.5m and this is the fund manager’s second attempt at selling the building. In 2018, CCLA appointed Savills to sell 80 Cannon Street for £60m. However, soon after launching the marketing campaign, the asset was taken off the market and then refurbished in 2020. This week, CCLA also brought its Pavilion Retail Park in Brighton to the market for £39.3m and a 5% net initial yield. Image © Adobe Stock