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Landmark Guernsey office building sold for £46.7m

By Kasmira Jefford - Friday, October 06, 2017 14:30

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A prominent Guernsey office building that once formed part of the Longport Group has been sold for a gross price of £46.7m, in one of the biggest deals in the Channel Islands to date.

The Channel Islands Property Fund has acquired Royal Chambers & The Rotunda, in St Peter Port, from the liquidators of Jubilee Scheme II at a price reflecting a net initial yield of 6.75%.

The 72,508 sq ft building, which was completed in 2009, is fully let to Terra Firma, Ernst & Young, IPES & law firm Mourant Ozannes, generating £3.35m of income per year.

Noel Lander at JLL who acted on behalf of the vendor said: “Royal Chambers & The Rotunda is the premier multi let office building in Guernsey with an enviable tenant line up so understandably received strong interest.

“The off-shore market has performed well in recent years as investors remain attracted by strong investment fundamentals and low transaction costs relative to the UK mainland.”

Eight companies within the Long Port Group, a major developer in Guernsey, were placed into administration in December last year and two limited partnership placed in liquidation, including Jubilee Scheme 11.

Watts & Co and JLL were appointed by liquidators Deloitte to sell the property. 

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