Riverside Capital has exchanged contracts to buy Sherborne House, a 57,777 sq ft mixed-use building on Cannon Street, EC4, from a private investor for £47.2m.
The building, which is adjacent to one of two planned new entrances to Bank underground station, comprises six floors of partly refurbished offices together with three retail units on the ground floor and basement.
Retail tenants are Holland and Barrett, L’Express and Fuller Smith & Turner.
The Cannon Street area is being transformed by recent developments, including the new £1bn Bloomberg Place – the most sustainable office building in the world – as well as the nearby five-star Ned hotel and private members club.
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Deliveroo has also recently set up its European headquarters in the former LIFFE building.
Riverside Capital is now raising £27.5m equity from its qualifying private investors to complete the acquisition, setting a minimum investment of £25,000.
Dominic Wright, group chief executive, said: “The City of London is being transformed by a new dynamic. No longer the domain of all things banking, you now find tech giants, shared working spaces, five-star hotels and a retail offering to rival London’s West End.
“With the growing fintech sector bolstering occupier demand and new developments providing global appeal, we believe that the prime location, in addition to the high quality of the building and outstanding connectivity, will provide levers for strong performance.”
Dominic Amey, director, City investment at Colliers International added: “The property has performed exceptionally well for our client since their acquisition in 2014, and benefitted from the continuing and exciting transformation of Cannon Street.”
Colliers International advised the vendor; Riverside Capital was unrepresented.
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