City strike for Spanish legend 17th August 2015

Former Real Madrid striker Raúl has sold a prime office building in the City of London for a record yield this cycle of 2.96%.

The footballer, who spent 16 years playing for Real Madrid and is the club’s all time top goalscorer with 323 goals, has set another record, this time in the Square Mile - selling 33 Cornhill, EC3, for £14.8m.

Raúl, advised by Cushman & Wakefield on the deal, has exchanged contracts to sell the building to a European private high net worth investor for a capital value of £1,050 per sq ft.

The multi-let building is let off a reversionary average rent of around £35 per sq ft, and the deal will deliver a substantial return for Raúl, who bought it in October 2007 through a fund manager for £9.85m, reflecting a 4.5% yield.

The 12,616 sq ft asset comprises a Grade II listed mixed-use building arranged over seven floors, providing retail space on the basement, ground and mezzanine floors and office space on the remaining five upper floors. Refurbished in the 1970s, 33 Cornhill sits on the southern side of Cornhill.

Central London investment activity totalled £9.1bn in the first half of 2015, the strongest first half volumes since the first half of 2007, according to Cushman & Wakefield.