Schroders sells office block to City of London

Schroders has sold 4 Chiswell Street, EC1, to the City of London Corporation. The firm put the office block up for sale in May for in excess of £37m. Located on the boundary between the City core and Old Street, the building provides 39,129 sq ft of space arranged over nine floors, with a terrace on the fifth floor. The offer price of £37m reflected a net initial yield of 4.61% and a capital value of £970 per sq ft. It is let to seven tenants at a current passing rent of more than £1.8m per year, equating to