Admiral Park office block sells for £17.1m.
A SEAFRONT office block has sold for more than £17m.
Carey House, which is home to law firm Carey Olsen, has been sold by the Channel Islands Property Fund to a Guernsey-based family office for £17.1m.
The building at Admiral Park was bought by CIPF in May 2015 for more than £16m. It has now been sold by share transfer.
CIPF chairwoman Shelagh Mason said the fund was focused on investing in high specification commercial buildings in order to deliver a good return to the investors.
‘Carey House has been an important part of our property portfolio, which now includes offices in Guernsey, Jersey and the Isle of Man, and so we are pleased that it will remain locally-owned,’ she said.
‘CIPF is now looking at other grade A, multi-tenanted offices which we can acquire to deliver our stated investment strategy. It’s positive news for the Channel Islands that the commercial property market in the islands continues to be buoyant.’
Carey House, which measures 26,472sq. ft and has 100 parking spaces, was originally known as Commerce House but, following a £4m. redevelopment, it was renamed in 2007 by Carey Olsen.