111 Cannon Street, EC4

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Description

111 Cannon Street was built in 1961 and comprises approximately 15,062 square foot of office, retail and ancillary accommodation arranged over the ground and six upper floors.

Opportunity

The building lies in an excellent location on the north side of Cannon Street, at the junction with St Swithin’s Lane opposite Cannon Street Railway and Underground Station. Vacant possession of the property has now been achieved and the objective is to carry out a full demolition of the building and build a new high specification office building totaling up to 20,507 square foot with offices from the first to seventh floor and retail use at ground and lower floor. There is currently a shortage of high grade office buildings in the City of London.

 

Value Added

  • A team of consultants was mobilised to ensure a speedy exchange of contracts and necessary due diligence on the property in a competitive bidding process.
  • A team of project managers, architects and other consultants was organised to evaluate a number of redevelopment options.
  • There is planning permission in place for a development scheme however an improved planning permission has been sought to improve the current consented scheme and the resultant profitability and permission.
  • The new planning consent referred to above was granted by unanimous vote on 10th March 2016.