Clouds lift over open market

Following a period of uncertainty for Guernsey's open market properties, the forecast is now for blue skies ahead, writes Trevor Cooper...

Not a moment too soon came the chief minister's recent affirmation that the Population Policy Group will recommend to the States Assembly that the open market, and part A in particular, will continue to exist in much the same way, with the principal exception of multi-occupancies by future new residents, with effect from a date yet to be decided.

This latest population policy review, or rather the speculation surrounding it, directly caused house sales to fall through, the market to falter, building work to be cancelled and also caused the loss of significant revenue for the States treasury in the form of document duty and other indirect taxation.

Two years later and the open market is in recovery, judging by the number of sales so far this year. This includes open market sales by share transfer that are not recorded at the Greffe and therefore omitted from typical market analysis that relies solely on the number of conveyances registered.

So, what's new on the open market to tempt would-be buyers? This browse through estate agents' websites does not necessarily include the biggest or the best but the following are certainly contenders.

The bar continues to be raised with the building of superior apartments, often with spectacular views. Among those ready to move into are Royal Terrace apartments on the landmark site of the former Royal Hotel, and the 2,500-square--feet penthouse apartment at Clifton Heights in Les Canichers.

The emerging transformation of the Guernsey Brewery promises to be a flagship development and there is already plenty of publicity for One St Julian's Avenue on the site of the former Vauxlaurens Brewery.

Work has also commenced on the development called Les Residences, where Hotel des Carterets once stood on the frontline near Cobo.

These developments combine both open and local market units that continue to answer demand as freehold apartments were not available prior to the Real Property (Reform) (Guernsey) Law, 1987, commonly known as the flying freehold law.

Using existing or, in specific cases transferring open market registrations to these new developments, also brings balance of scale to this sector's housing stock.

Only larger properties with high rateable values were eligible for inscription before the open market register was finally closed in 1982. This often deterred prospective buyers who did not want a large property, irrespective of the cost.

The renovation and refurbishment of a worthy property also appeals to many house hunters, such as Cheriton House that stands on a prominent corner site in Ville au Roi.

Newly on the market at £1,350,000, this detached, double- fronted house has been meticulously remodelled in a contemporary fashion, blessed by high ceilings and large windows that provide plenty of natural light throughout.

One of its four double bedrooms is on the ground floor, served by an adjacent and spacious shower room, making it ideal for guests or someone with limited mobility. An alternative use would be as an additional reception room, although the house already offers a sitting room plus a front-to-back, open-plan kitchen, dining and living room.

With a definite wow factor and views to match is Sea Breeze on York Way along the higher reaches of Fort George. All four double bedrooms have fabulous en-suite bathrooms and, just like the spacious reception rooms, all have floor-to-ceiling views of Herm and Jethou.

The enormous master bedroom suite occupies the whole of the first floor and, as well as a separate dressing room, has a wide inverted balcony where the views extend from Alderney right across to Jersey, with the Normandy coast beyond. How better to greet the early morning sunshine?

There is a good-sized study at the front without the distraction of those views, unlike the vast sitting room and 450-square-feet kitchen-dining room, which take full advantage of the vibrant panorama.

For sale at £3,750,000, Sea Breeze also has a double garage with gym/office or playroom above and ample parking on the brick-paved driveway.

The timeless appeal of Guernsey farmhouses remains highly sought after and one of the most attractive is Les Picques in the rural heart of St Saviour's. This elegant country house is inscribed on part B of the open market register and features arched doorways, beamed ceilings, a tourelle, magnificent fireplaces and uncommonly tall windows in the pink granite facade.

Attached to the main house and included in the sale at £2,250,000 are two self-contained letting suites known as Upper and Lower Deck and an open market-registered cottage-style annexe.

Together these have been divided from other premises that once combined to form a larger enclosure but which now provide an interesting and manageable holding that also has plenty of parking, large gardens and a small paddock with the benefit of alternative access.

Some pundits are predicting Guernsey's relegation from the premier league of property hot-spots, but the island's virtual stability during the recession and, hopefully, a forceful demonstration by the States during this month's G8 summit in Northern Ireland that the island's tax structure is perfectly legal, transparent and appropriate will not be overlooked by astute, prospective new residents.