Investor pays £60.5m for Admiral Park offices
TWO office buildings at Admiral Park have been sold for £60.65m.
Martello Court and Dorey Court have been bought by an overseas investor.
The two buildings provide 89,100sq. ft of Grade A office space. Tenants include ABN Amro, Aon Insurance, Investec Asset Management and Royal Bank of Canada.
Tony Rowbotham, Channel Islands commercial director for Savills, said: ‘Having sold these buildings in 2015 to a fund, advised by Brockton Capital, we are delighted to have worked with them on an asset management strategy over the past four years.
‘During that time we have advised on the refurbishment of Dorey Court and let space to Aon Insurance, JTC and Royal Bank of Canada. Investors in the fund have received substantial annual returns and we have delivered a 22% uplift in the buildings’ capital value over the four-year time frame.’
He added: ‘The sale demonstrates that the Channel Islands continue to be a location of choice for the savvy investor and Savills has now sold the three largest office buildings to have been offered to the market in the last 18 months, amounting to over £200m.-worth of sales across Jersey and Guernsey.’
Max Bassadone, director at Brockton, said: ‘We are pleased to announce this off-market transaction which marks the end of a highly successful investment for Brockton, ensuring considerable value accretion for our investors.
‘Throughout our investment period, we have successfully delivered our original business plan which included a comprehensive refurbishment of Dorey Court and securing new tenants Royal Bank of Canada, Investec and Aon Insurance, with zero void and achieving a record rent for Guernsey of £43.50 psf.’
Savills, JLL and Mourant Ozannes jointly represented Brockton Capital, while the purchaser was advised by Carey Olsen.
Carey Olsen property partner Davey Le Marquand, who led the firm’s team, said: ‘Martello Court and Dorey Court are iconic Guernsey commercial properties and we were delighted to advise our client on this transaction.
‘The purchase also underlines the continued attractiveness of Guernsey’s property market as an investment opportunity.’
