Avison Young brings Grade A City freehold to the market on behalf of Riverside Capital

Global commercial real estate advisor Avison Young has launched a prime freehold office investment opportunity in the City of London to market, on behalf of Riverside Capital.

Yarnwicke offers 63,089 sq ft Grade A office space, in the heart of the capital, at 119-121 Cannon Street. With high-quality, design-led accommodation, the property comprises office and retail accommodation, alongside 2,781 sq ft of external terraces, including a landscaped rooftop overlooking the City tower cluster.

The refurbishment, designed by Barr Gazetas, delivers a highly specified workplace environment, combining architectural quality with a strong emphasis on occupier experience and functionality.

Available on a freehold basis, the site offers an unrivalled investment opportunity, located next door to the new entrance to Bank Station, opposite Cannon Street underground and mainline station. The immediate location represents one of the most established office locations in the City, attracting a range of occupiers across the financial, legal and professional services sectors.

The surrounding area provides amenities including Bloomberg Arcade, Leadenhall Market, The Ned and a wide range of premium retail and F&B operators, supporting strong occupier demand and enhancing the working environment.

The property was recently extensively refurbished to create a modern, amenity-rich workspace, with an EPC A rating and BREEAM Excellent accreditation. The building offers occupiers best-in-class, end-of-trip facilities including high-quality showers and changing, and generous bike storage and lockers.

The site is multi-let to a diverse mix of office and retail occupiers, producing a total net income of £4,026,920 per annum, reflecting a highly reversionary rent of £63.83 per sq ft overall.

Dominic Amey, Principal, London Investment at Avison Young, said:
‘’It’s a privilege to be appointed by Riverside Capital to sell such a prime asset. There are so few buildings with an EPC A, and together with the exceptional refurbishment and fit out, and core location, it’s one of the reasons that this building achieved pre-lets during Covid, which really speaks volumes about the asset. Riverside have also demonstrated through more recent leasing that the passing rents are reversionary.

“The Cannon Street submarket is experiencing sustained rental growth, driven by high levels of demand and constrained Grade A supply, and we foresee this continuing to create upward pressure on rents, underpinning strong long-term performance for well-located, high-quality assets like Yarnwicke.”

Avison Young are inviting offers for either 100% of the shares in the BVI company which owns the freehold interest, or for the asset.