Yours for £59m. – Trafalgar Court goes on the market
A LANDMARK office building has gone on sale for £59.15m.
Trafalgar Court in Admiral Park is one of the largest properties in the Channel Islands and is let to Northern Trust and Aztec.
D2 Real Estate has been appointed as joint agent to market the freehold interest in the building, which comprises 113,713sq. ft (10,564sq. m), on behalf of a UK listed company.
Alex Titheridge, managing director of D2 Guernsey’s office, said it was a fantastic sale to be involved in.
‘The property also has genuine asset management potential, particularly given the lease structure where the rent has been waived on 400 car spaces. As a result there is potential to increase the investment return to more than 8%, which in today’s low interest rate environment is very attractive,’ he said.
The location is ‘only getting better’, too, with the latest phase of development at Admiral Park, including Bank Julius Baer relocating and the new Premier Inn being built.
‘I know the property well having sold it to the existing owner back in 2015, while working for Colliers International in the UK. The current owner is a UK-based public listed company which is now focusing on multi-let industrial estates, which has prompted the sale,’ said Mr Titheridge.
Phil Dawes, managing director of D2 Real Estate, said investor interest in the Channel Islands had been strong in recent years. Significant sales such as the Dorey and Martello buildings at £60m.-plus had put the islands on the map, with growing interest from Far Eastern and Middle Eastern investors.
‘Even in the context of the UK market, a sale of £60m. is significant,’ he said.
D2 is working with JLL, the other joint agent, on the marketing of Trafalgar Court.
As part of the instruction, D2 also worked with Chris George Photography, The Drone Ranger and Spike Productions, who provided a virtual tour and ‘fly through’ of the building and surrounding area to support marketing given the pandemic-related travel restrictions.
