Riverside Capital has exchanged contracts to purchase Sherborne House, a 57,777 sq. ft prime mixed-use building on Cannon Street, London for £47.15 million.

The building, which lies adjacent to what will be one of two new Bank Station entrances, comprises six floors of partly refurbished offices together with three retail units on the ground floor and basement. Retail tenants are Holland and Barrett, L’Express and Fuller Smith & Turner.

Cannon Street has seen huge development in recent years, bringing new life to the area, including the new £1 billion Bloomberg Place – the most sustainable office building in the world – as well as the nearby five-star Ned hotel and private members club. Deliveroo has also recently set up its European headquarters in the former LIFFE building on Cannon Street.

Riverside Capital is now raising £27.5 million equity from its qualifying private investors to complete the acquisition, with the minimum investment available being £25,000.

Dominic Wright, Group Chief Executive, said: “The City of London is being transformed by a new dynamic. No longer the domain of all things banking, you now find tech giants, shared working spaces, five-star hotels and a retail offering to rival London’s West End. With the growing fintech sector bolstering occupier demand and new developments providing global appeal, we believe that the prime location, in addition to the high quality of the building and outstanding connectivity, will provide levers for strong performance.”

Dominic Amey, Director of City Investment at Colliers International added: “On behalf of our private client, Colliers are delighted to have exchanged contracts with Riverside Capital on the sale of Sherborne House. The property has performed exceptionally well for our client since their acquisition in 2014, and benefitted from the continuing and exciting transformation of Cannon Street.”

Colliers International acted as adviser to the vendor, whilst Riverside Capital were unrepresented.

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