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Oatlands Village has new owners.
Chris Coles, owner of Les Piques Cottages, and Guernsey-based investment company Bailiwick Investments Limited have formed a joint venture and completed on the six acre site in court this morning. The purchase price has not been made public although it was being offered for sale for £1.95 million having initially been placed on the market last year for £3 million.
"We hope we can make Oatlands beautiful again and a favourite destination for locals and visitors not just in the spring and summer but throughout the whole year. What we envisage is going to take time, investment, hard-work and cooperation between our company, the occupiers and the government," said Mr Coles.
Mr Coles, who is a non-practising barrister and chartered surveyor, has owned a number of speciality shopping centres in tourist towns across the UK. He moved to Guernsey in 1999 and owns a number of other commercial properties in the island including the country cottages at Les Piques.
Oatlands, which comprises of 11 retail units, an outside activity area, a miniature golf course, two fields and a 75-space car park, was placed into administration in September 2014 but the tenants have continued to operate. All of the tenants have been informed that the site has been sold.
Oatlands is the latest in a list of local acquisitions by Bailiwick Investments Limited. In May, it provided funding to enable Guernsey Recycling Limited to buy Island Waste Limited and also owns shares in Jacksons CI Group, the Channel Islands Securities Exchange, Jersey Electricity, Jersey Water, aviation company ASG Group and Acorn Group Holdings.
"Bailiwick Investments Limited’s focus on building a portfolio of high quality, well-established and iconic Channel Islands businesses has proved to be extremely popular with investors. We are committed to offering a regular dividend yield and long-term capital growth through our investment and I am delighted that we have been able to add Oatlands to our portfolio,’ said Simon Melling, head of corporate finance at Ravenscroft, which acts as investment manager to Bailiwick Investments."
