St Julian’s Court sells for £500,000 over asking price

A LANDMARK office building in St Peter Port has sold for more than £13.7m. – more than £500,000 above the guide price.

St Julian’s Court in St Julian’s Avenue, has been bought for £13.785m. (28899710)
St Julian’s Court in St Julian’s Avenue, has been bought for £13.785m. (28899710)

St Julian’s Court, on the south side of St Julian’s Avenue, has been purchased by an investor group led by Craigard, a family business, for £13.785m.

The guide price was £13.22m. The property comprises 34,500 sq ft and is leased by SG Kleinwort Hambros and Rothschild & Co and offers 8.4 years of unbroken income.

Watts Property Consultants acted on behalf of the vendor to manage the sale and said the deal demonstrated the resilience and attractiveness of the commercial property market in Guernsey.

‘This deal is of huge significance to Guernsey, as it underlines further the flight for safety in a very difficult global environment,’ said Joanna Watts, managing director of Watts Property Consultants.

‘It is therefore a genuine testament to the role the island plays as a secure and stable jurisdiction within which to do business.

‘The fact that the property attracted such positive bids demonstrates confidence in the local market and the attractiveness of good-quality, long-income assets.

‘This is encouraging for the year ahead.’

Watts acted alongside National Agents, JLL, as joint selling agents, with other bidders also offering undisclosed sums.

The sale represents the third significant office deal of 2020 following the sales of Carey House – which Watts also acted in – and Valley House earlier this year.

Paul Foster for Craigard said: ‘We’re so pleased to welcome St Julian’s Court to our local portfolio.

‘We have been steadily building our presence in Guernsey over the last three years and this purchase underpins our focus on acquiring more properties across the Bailiwick.’

Advocate John Le Tissier of Carey Olsen was the legal representative for the vendor, with the purchaser being represented by Advocate Alastair Hargreaves of Ferbrache & Farrell.

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