Private Hong Kong-based company Classic Beauty Holdings has completed the sale of 110 Cannon Street and Martin House, 6 Martin Lane, EC4, for £72 million reflecting a net initial yield of 6.79%.
The group brought the multilet City offices to market for sale via Savills last year seeking around £75 million.
The building has been sold to an undisclosed private investor.
Tenants at the 75,000-square-foot office include FRP Advisory, Operis and KFW Ipex Bank.
Classic Beauty Holdings bought the EC4 building in 2017 for around £95 million from Universities Superannuation Scheme.
USS bought the building in June 2011 from Landsec before undertaking a comprehensive refurbishment alongside development manager Moorevale that completed in spring 2012.
According to Knight Frank investment volumes in central London reached just under £1.6 billion in the third quarter, a 21.8% decline on the previous quarter and a 49.2% shortfall compared with the long-term average. Of this, the City and Southbank saw transactional volumes drop significantly to £0.4 billion.
At the end of Q3, Knight Frank reports there was £3 billion of assets under offer across London, a 30.8% jump on the previous quarter and an 82 % increase against the position a year ago. It writes: "An increase in deals under offer, and more investment opportunities being brought to market, and widening yield spreads should boost investment volumes in the near-term."