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Carey House at Admiral Park has been sold for £16.75 million. Channel Islands Property Fund, a specialist Channel Islands’ real estate investment company, has purchased the 26,814sq.ft building from Bailiwick Investments Limited. Ravenscroft Limited acts as investment manager to both companies.
‘The Channel Islands Property Fund is building up an enviable portfolio of iconic and landmark buildings across Guernsey and Jersey, which includes Regency Court and Glategny Court in Guernsey and offices in Seaton Place and on the Esplanade in Jersey,’ said Simon Melling, chief finance officer and head of corporate finance at Ravenscroft Limited.
‘Given that Bailiwick Investments Limited has been involved in some significant acquisitions in recent months including the Jacksons Group, ASG Group and Guernsey Recycling Group, it now wants to focus on growing those trading businesses. Carey House therefore presented an excellent opportunity for the Channel Islands Property Fund which has a focus on investing in high specification commercial buildings in order to deliver a good return to the investors.’
The building at Admiral Park was originally known as Commerce House but following a £4m redevelopment, it was renamed Carey House in 2007 by its current tenants Carey Olsen.
‘The building is now a modern, contemporary office and is a fantastic addition to the Channel Islands Property Fund portfolio adding yet another key asset to the portfolio,’ said Shelagh Mason chairman of Channel Islands Property Fund.
The purchase of Carey House, which was recently agreed at an extraordinary general meeting of both Channel Islands Property Fund and Bailiwick Investments Limited, will be funded by a new issue of shares and bank funding in line with the investment criteria of the Channel Islands Property Fund.
