AXA IM axes Cannon Street office block from its portfolio

AXA IM has brought to market an office and retail building at 107 Cannon Street, EC4. It is looking to secure offers over £15m for the 15,672 sq ft asset, which is being marketed by Allsop. This reflects a net initial yield of 5.87%. Companies already occupying space in the building, which is multi-let to two retail and six office tenants, include Tossed, Stonegate Pub Company (operating The Cannick Tapps bar), Vela Trading Systems, COR Financial Solutions, Capital Markets Elite Group and Nuclear Risk Insurers. The freehold to the building is being marketed, with a weighted average unexpired lease term of 10.14 years and 8.55 years to break, with 4.89 years to expiry and 2.89 years to break on the office space. The 12,708 sq ft of office space, which underwent a £2.4m renovation by the landlord in 2020-21, holds an overall EPC rating of B and is rated BREEAM very good. It offers a roof terrace on the sixth floor as well as superfast fibre connectivity, new bicycle storage facilities accessed via Oxford Court and end-of-journey lockers and showers. The six-storey building is located near to office blocks including Bloomberg London, EC4, 111 Cannon Street, EC4, and Yarnwicke at 119-121 Cannon Street, EC4, and carries a total passing rent of £941,137 per annum. This reflects £60.05 per sq ft overall and £61.74 per sq ft on the office space. To send feedback, e-mail chante.bohitige@eg.co.uk or tweet @bohitige or @EGPropertyNews See which agents are doing the most deals in the London submarkets with our On-Demand Rankings >> Photo © Allsop