CI Property Fund acquires landmark building in Isle of Man

Wednesday 31 August 2016

The Channel Islands Property Fund has acquired its first property outside of Guernsey and Jersey.

The specialist real estate investment company, which currently owns seven high quality properties in the Channel Islands, has acquired Fort Anne in the Isle of Man, for £13.3 million.

The Grade ‘A’ office building, which is located in the capital Douglas, totals 49,000 sq.ft of floor space and 154 car parking spaces.  It is currently let on a 21 year lease to Döhle (IOM) Limited at a passing rent of £920,000 a year. 

"The Channel Islands Property Fund continues to build its investment portfolio in order to deliver consistent income returns to its investors,” said CIPF director Brian O’Mahoney. 

“Although 25% of the fund can be invested outside of the Channel Islands, the focus up to now has been on acquiring quality, high value properties that are well positioned in Guernsey and Jersey, have long leases to good tenants and deliver excellent yields.

“However, whilst the Isle of Man is a new territory for the fund, it has many synergies with the Channel Islands as well as an ambitious government focused on driving business growth through innovation and population increase.”

The fund already owns office buildings at Seaton Place and on the Esplanade in Jersey, as well as Regency Court, Glategny Court and Carey House in Guernsey.