Channel Islands Property Fund buys Valley House
A MAJOR office block in St Peter Port has been bought for £7.7m. – with hopes that it marks an upturn in commercial property activity.
Valley House in Hirzel Street has been bought by the Channel Islands Property Fund.
The 14,782 sq.ft. building, which is over five floors and includes 20 car-parking spaces, makes the corner opposite the police headquarters. It has undergone extensive refurbishment and is the new Guernsey office headquarters for Oak Group Ltd.
‘Valley House is a modern office which has been comprehensively upgraded in the last year to meet the latest building requirements, and already has a long-term tenant in Oak Group,’ said CIPF chair Shelagh Mason.
‘It is an ideal property to add to the portfolio of the Channel Islands Property Fund, which has a focus on investing in high specification commercial buildings in order to deliver a good return to shareholders. 2020 has not been the year which was expected for the Channel Islands’ property market but it’s positive to see that the residential market is picking up pace and that there is increasing activity in the commercial market.
‘We hope this investment by CIPF will be the first of many to go through the Channel Islands’ courts post-lockdown.’
CIPF’s portfolio includes offices in Guernsey, Jersey and the Isle of Man.