45 Cannon Street

London EC4M 5SB


A best-in-class, new-build headquarters office, with an exceptional tenant roster and 12 years of income.

  • New landmark development by AOG Real Estate and Morgan Capital and designed by internationally acclaimed architects Fletcher Priest
  • Prominent 0.5 acre freehold site in the heart of the City of London, set back from neighbouring properties
  • Long-term secure income to an exceptional tenant roster, with a WAULT of 12.0 years to expiries and 11.3 years to tenant break options, providing £71 million of contracted rental income until earliest determinations
  • 92,362 sq ft (8,580.7 sq m) of new Grade A office accommodation arranged over ground and seven upper floors, including four retail units at ground and basement levels
  • Panoramic views across the City of London, River Thames and St Paul's Cathedral
  • Market leading specification including a large 2,785 sq ft (258.7 sq m) reception and unrivalled terraces totalling 6,624 sq ft
  • 100% let or under offer with 75% of income secured from leading global FinTech businesses Global Relay and Open Text
  • Total income of £6,310,150 per annum equating to £68.32 per sq ft overall
  • Significant unclaimed capital allowances available
We are instructed to seek offers in excess of £145,800,000 (One Hundred and Forty-Five Million, Eight Hundred Thousand Pounds), subject to contract and exclusive of VAT, for the Dutch B.V. which owns the freehold interest in 45 Cannon Street. This reflects a net initial yield of 4.25% and a capital value of £1,579 per sq ft, assuming purchaser's costs of 1.80%.


London is one of the leading financial centres in the world and the City of London is its historic epicentre.

Traditionally the home of the financial and insurance industries, the City of London has recently undergone a marked transformation attracting an increasingly diverse pool of occupiers from the technology, media and telecommunications (TMT) industries, in particular the FinTech sector.

These occupiers have been attracted by the exceptional transport connections, high quality of the built environment, continuously improving retail and leisure provision and the relative occupational value proposition.

London, the European FinTech Capital

London is the FinTech capital of Europe and one of the leading global hubs for this fast-growing industry. There was more FinTech investment into the UK than any other country during the first half of the year, with fundraising worth $16.1 billion (£12.3 billion).

The digital and technological evolution continues to transform and disrupt global economies. Nowhere is this felt as strongly as in the financial services sector, with a rapid growth in financial technology businesses (FinTech).

London's success has been established due to the highly flexible and supportive regulatory system in the UK, which is particularly advantageous for innovation in FinTech start-ups. London also benefits from a large tech talent base, especially when compared to rival European cities. Its world class universities, language and time zone combine to create a fertile environment for the financial services industry which feeds the FinTech market.


45 Cannon Street lies between the major landmarks of St Paul's Cathedral and Bloomberg Place, the new £1bn European Headquarters of Bloomberg.

The property commands a prominent corner position at the junction of Cannon Street and Queen Victoria Street in the heart of the City of London, with an imposing 50 metres of frontage. This unique quarter of the City boasts the best of the past and present - from St Paul's Cathedral and the historic, vibrant lanes of Watling Street and Bow Lane to the modernity of high street retail and restaurants of One New Change, Bloomberg Arcade and The Ned.


45 Cannon Street benefits from exceptional transportation links. Mansion House, St Paul's, Bank and Cannon Street Underground Stations are all located within a five minute walk.

The Elizabeth Line
The Elizabeth Line is due to be one of the most significant changes to London's infrastructure since the creation of the London Underground network, and will bring an additional 1.5 million commuters within 45 minutes of Central London. It will increase London's transport capacity by 10%, providing rapid and frequent access across London. The new network will run east to west across London and will provide access from Liverpool Street Station (15-minute walk) to key destinations such as Heathrow (33 minutes), Paddington (10 minutes), Bond Street (7 minutes), Canary Wharf (6 minutes) and Farringdon (2 minutes).

In 2019, 45 Cannon Street will therefore benefit from access to the Elizabeth Line, Thameslink and London Underground services and direct accessibility to both Heathrow and Gatwick airports.


45 Cannon Street is a new landmark headquarters office building. Completed in 2017, the building provides exceptional, state-of-the-art accommodation.

A best-in-class team lead by Morgan Capital delivered the scheme based on the principles of design, quality and sustainability, ensuring the asset is pioneering for the market and future-proofed against occupiers' requirements. The building comprises 92,362 sq ft (8,580.7 sq m) arranged over basement, ground and seven upper floors, including 81,363 sq ft (7,558.9 sq m) of exceptional office accommodation and 7,000 sq ft (650.4 sq m) of complementary retail at ground and basement floor level.

Designed to a BREEAM Excellent standard, the development consists of a brand-new structure on a virtual island site with over 50 metres of frontage to Cannon Street.

Virtually column-free floor plates ranging from 3,509 sq ft (326 sq m) to 14,469 sq ft (1,344.2 sq m), providing excellent levels of occupational flexibility as well as exceptional levels of natural light through floor-to-ceiling glazing.

Accessed via the main entrance off Cannon Street, the office accommodation benefits from an impressive arrival experience through a generous 2,785 sq ft (258.7 sq m) reception.

The 3rd, 5th, 6th and 7th floors benefit from stunning roof terraces totalling 6,624 sq ft (615.4 sq m), with unobstructed views of St Paul's Cathedral. Terraces of this size with unrivalled views are extremely rare and highly sought after by occupiers in Central London.

Further information on the building's development team can be found in the Marketing Brochure.


The building is finished to the highest standards with a cutting edge specification.
  • Impressive 2,785 sq ft (258.7 sq m) reception occupying a prominent corner position on Cannon Street providing an exceptional arrival experience
  • Efficient and virtually column-free floor space with floor-to-ceiling glazing maximising natural light to all elevations
  • 2.75 metres floor to ceiling height
  • Future-proofed design with a high occupational density of 1:8 sq m
  • 4-pipe fan coil air conditioning system
  • Four x 13-person passenger lifts with full destination control
  • Stunning roof terraces on floors 3, 5, 6 and 7 totalling 6,624 sq ft (615.4 sq m) with clear and uninterrupted views of St Paul's Cathedral from the top floors
  • Male and female changing rooms with 13 showers and 106 lockers
  • 98 bicycle spaces
  • 3 external car parking spaces
  • BREEAM Excellent rating

The Team

Developer: AOG Real Estate and Morgan Capital
Architects: Fletcher Priest
Principal Contractor: Bouygues UK
Quantity Surveyor: Gleeds Cost Management
Structural Engineer: Curtins
Building Services and Sustainability Consultant: Grontmij/Sweco


45 Cannon Street comprises a circa 0.5 acre site and is held freehold under title number NGL33319. An indicative red line outline of the freehold ownership can be seen on the plan in the Marketing Brochure. The section highlighted blue indicates dedicated public highway.


45 Cannon Street is securely let to three office tenants and four retail tenants on effective full repairing and insuring terms, offering an exceptional income duration of 12.0 years to expiries (11.3 years to breaks).

Approximately 90% of income is secured against three office tenants, with the remaining 10% attributed to the four retail tenants occupying the ground and part basement floors.

The total passing rent on the building is £6,310,150 per annum (inclusive of rent free top-ups), being split £5,688,150 per annum on the office accommodation and £622,000 per annum on the retail accommodation. This reflects an average rent of approximately £66.50 per sq ft on the offices and £89.00 per sq ft on the retail.

83% of the income from the offices benefits from full parent company guarantees, and all four retail units benefit from rental deposits, providing an additional layer of income security to an already strong tenant roster.

The building provides approximately £71 million of contracted in place rental income to earliest determinations.

Covenant Information

Global Relay
44.8% of contracted rent
Global Relay is a privately-held company that provides compliance message archiving, e-discovery, surveillance and data management in the cloud for highly regulated financial services companies. The firm was founded in 1999 and now has over 450 employees and in excess of $100 million revenue, working from offices in Vancouver, Chicago, New York and London.

29.9% of contracted rent
OpenText is a global leader in Enterprise Information Management (EIM) and offers worldwide services from their global headquarters in Canada. OpenText's EIM disciplines include Content Services, Business Process Management, Customer Experience Management, Discovery, Business Network, and Analytics.

Shake Shack
4.5% of contracted rent
Shake Shack began as a hot dog cart in Madison Square Park and progressed to a permanent kiosk in 2004. The business now has over 180 branches worldwide and 9 in the UK including Covent Garden, Stratford, Tottenham Court Road, Canary Wharf, Victoria and Leicester Square.

Blacksheep Coffee
2.0% of contracted rent
Blacksheep Coffee is a privately-owned food & beverage company founded in 2013 in Camden Town. The organisation now has 23 locations throughout London and Manchester.

Pali Kitchen
1.7% of contracted rent
Pali Kitchen is a new format Indian restaurant aiming to become the leading "fast-casual" lunch provider in the UK. The business is run by an experienced team with food retailing, franchising and innovation experience.

1.7% of contracted rent
Freshii is a health-casual restaurant brand and one of the fastest growing global health and wellness food and beverage brands in the world. Since it was founded in 2005, Freshii has opened hundreds of restaurants in cities and countries around the world.

Further information on the building's exceptional tenant roster can be found in the Marketing Brochure.


45 Cannon Street is located within the planning jurisdiction of the City of London.

Planning consent for the new development was granted under application number 13/00339/FULMAJ in February 2014.

The property is not listed although it does sit within the Bow Lane Conservation Area.


45 Cannon Street has been elected for the purposes of Value Added Tax (VAT).

Capital Allowances

Significant capital allowances can be made available to an incoming purchaser by way of a separate negotiation.


A comprehensive suite of building warranties will be in place for an incoming purchaser.

Sustainability Credentials

45 Cannon Street benefits from an EPC rating of B29 and a BREEAM Excellent certification, a rating only achieved by circa 10% of new UK non-domestic buildings.

Online Data Room

Detailed information is available in an online data room. Please contact the sales team for access.


We are instructed to seek offers in excess of £145,800,000 (One Hundred and Forty-Five Million, Eight Hundred Thousand Pounds), subject to contract and exclusive of VAT, for the Dutch B.V. which owns the freehold interest in 45 Cannon Street. This reflects a net initial yield of 4.25% and a capital value of £1,579 per sq ft, assuming purchaser's costs of 1.80%.

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