28-30 Cornhill, EC3 sold to Hong Kong investor for £32m

Aberdeen Standard Investments has sold its freehold investment of 28-30 Cornhill, London, EC3 to Hong Kong-based property developer Cheung & Sons for £32m, reflecting a net initial yield of 4.3%

June 07, 2019

The Grade II-listed prime property is opposite the Royal Exchange and comprises 30,816 sq ft of office and restaurant-bar space. The freehold building was comprehensively refurbished in 2012 and is multi-let to seven tenants.

Patrick Cryer, lead director, central London capital markets at JLL, who acted for Aberdeen Standard Investments, said “The pricing achieved shows the strength of demand from overseas investors for trophy assets in prime positions, despite the ongoing political uncertainties. Aberdeen Standard’s outstanding asset management team allowed JLL to position the asset in the market in order to achieve premium pricing.”

 

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