Final piece of Admiral Park jigsaw by 2024
THE final phase of development at Admiral Park is set to start soon and be completed in 2024, developer Comprop announces today as it is set to conclude a 20-year project across the site.
At the end of last year, builders JW Rihoy handed over the Premier Inn site at Admiral Park to its new tenants, and the work on the site largely concluded, after Comprop lost its intended anchor tenant for the final office development.
But now four tenants have been found for the proposed 67,000sq. ft office building and the final part of the project is back on.
‘With an awful lot of hard work, we’ve managed to turn it around,’ said Joanna Watts, managing director of Watts Property Consultants, letting agents for the development.
‘It is a great product and the building is letting itself. It is already 60% pre-let and that is without a public marketing campaign.’
The new building will be on the eastern edge of the site, to the rear of Trafalgar Court, and will mark the centre piece of the development with a six-floor Grade A trophy office.
‘The project team were determined to see this iconic building come to fruition,’ said Steve Marie, managing director of Comprop.
‘This means that the development work is now continuing at quite some pace, with our contractor JW Rihoy programmed to have the first tenants into the building by mid-2024.’
The pile foundations of the building were completed before the project was put on hold, and the break gave Comprop the opportunity to discuss internal fittings with future tenants.
Financial services companies have signed up to the upper four floors of the building, leaving two-and-a-half floors still available.
Despite there still being some unoccupied office space in the Julius Baer building, to the north of the Good Rebel restaurant, Ms Watts has no doubts that all remaining space will be let before its completion.
‘We have been delighted with take-up so far and we believe this has largely been driven by the quality of environment the building will provide,’ said she said.
‘After the Covid pandemic, the main priority for companies is to get their staff back to work in a top accommodation.
‘We are confident the remainder of the space will now be taken up quickly.’
Ms Watts said that the development would raise the quality of office accommodation locally and ensure the island remained competitive as an offshore finance jurisdiction.
Comprop will have invested £90m. into Guernsey since 2019, through the development of St James Place in the centre of Town, and phases one and two of Admiral Park.
