Rockspring Property Investment Managers has announced the sale of 32 Cornhill, in the heart of the City of London, for £21 mln (€27 mln) in an off-market transaction to a private European investor.
The disposal was carried out on behalf of a UK separate account client.
Acquired by Rockspring in 2006, 32 Cornhill comprises 14,792 sq ft (1,375 m2), of which 12,141 sq ft is Grade A office space, spread across eight floors. In addition to this, there is 2,651 sq ft of retail space at ground and lower ground floor levels let to TM Lewin.
The asset was fully let until 2014, at which point Rockspring exercised its break option to secure vacant possession of the majority of the office accommodation in order to undertake an extensive refurbishment. This upgrade took place in 2015, bringing the entirety of the building up to Grade A standard. Prior to the sale, lettings were secured for the fourth, fifth, sixth and eighth floors.
'A combination of location, asset quality and our asset management skills ensured the steady rental performance of this property through the global financial crisis. By completing an extensive refurbishment in 2015, we were able to deliver high quality office accommodation, achieving record rents for the property and culminating in a sale which provided our client with a significant return,' said Michael Pryer, partner and fund managent at Rockspring.
David Hookey, director of London Capital Markets at Cushman & Wakefield, commented: 'This off-market acquisition ticks all the boxes for our private European client – it’s extremely well located directly opposite Royal Exchange and has been refurbished to an excellent standard. This is evident in the rents that have been achieved and provides our client with a high quality, prime freehold investment to complement their existing portfolio.'
Rockspring was advised by Knight Frank and Cushman & Wakefield acted for the purchaser. Newton Perkins was responsible for the leasing of the asset.
