Schroders has sold 4 Chiswell Street, EC1, to the City of London Corporation.
The firm put the office block up for sale in May for in excess of £37m.
Located on the boundary between the City core and Old Street, the building provides 39,129 sq ft of space arranged over nine floors, with a terrace on the fifth floor.
The offer price of £37m reflected a net initial yield of 4.61% and a capital value of £970 per sq ft.
It is let to seven tenants at a current passing rent of more than £1.8m per year, equating to an average a rent of £47.80 per sq ft, with an average weighted unexpired lease term of 5.2 years to expiry and 2.6 years to earliest determination.
The tenants include engineering consultancy Norman Disney & Young, property consultancy Anstey Horne & Co, the UK arm of India’s Axis Bank, and Standard Life financial planning arm 1825 (formerly Baigrie Davies & Company).
Tom Sleigh, chair of the property investment board, City of London Corporation, said: “Four Chiswell Street is a welcome addition to our property portfolio. This site is located in a vibrant part of the City that will appeal to a wide range of tenants, especially as Crossrail is set to make it even better connected.”
JLL, BNP Paribas Real Estate and Stephenson Harwood acted for Schroders. CBRE acted for the City of London Corporation.
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