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Pollet House, Lower Pollet St, St Peter Port, Guernsey, GY1 1WF

Mixed use investment

Offers in excess of £ 1,950,000

Other
Address:

Pollet House, Lower Pollet Street

Total Area: 13,496 ft2
Availability:
Immediately

About this property

LOCATION

The property benefits from being located in a prominent town centre location with Guernsey’s capital, St Peter Port in an established retail/office pitch just 2 minutes walk from the High Street. More specifically the Property is located in Le Pollet within the CBD. Other occupiers located in Le Pollet include WH Smith, Next, Paperchase and Lloyds Bank. A number of financial sector companies are located in the adjoining streets include Rothschild, RBSI and BNP Paribas.

DESCRIPTION

Pollet House was constructed during the 1970s and comprises a 5 storey building. We understand the building is constructed in reinforced concrete frame, external elevations are clad with granite or finished to masonry painted and render. The main roof is pitched and clad with composite slate, in addition, there are various flat roof sections to the lower floors. The rear of the property is accessed via an underpass between shop units 2 & 3 and provides a concrete surfaced yard for car parking.

The retail units are fitted out to each occupier’s standard shop fit outs. The office suites are predominantly fitted out with suspended ceilings (except the suites on the 1st and 4th floors) incorporating recessed fluorescent strip lighting, plastered wall finished to emulsion paint and carpet floor coverings. There is comfort cooling and a lift to all floors. The total site area is approximately 0.05 hectares (0.12 acres).

TENURE

Freehold.

ACTIVE MANAGEMENT OPPORTUNITIES

Pollet house offers significant opportunity to add value through active management including:

  • Letting the vacant office space (7,800 sq ft).
  • Future re-redevelopment/rolling refurbishment of the office accommodation to drive up rental growth.

GUERNSEY LEASES

There is no security of tenure for tenants under Guernsey law, this allows further flexibility for refurbishment or development.Unlike in England and Wales, there is no landlord and tenant statutory framework in Guernsey which must be adhered to and as such landlords are not restricted and can agree leases on whatever terms they require. In Guernsey it is the lease itself that governs the landlord and tenant relationship and leases are read and constructed in the same way as contracts. The absence of tenure legislation means that landlords are not required to renew business tenancies at the expiry or the term and as such, all leases in Guernsey can be considered to be ‘contracted out’.

COSTS

VAT is not payable in Guernsey. Stamp duty is included within the purchaser’s costs of 5%.

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