About this property
- Jersey is the largest of the Channel Islands and one of the worlds leading offshore banking and finance centres.
- Prominent office located in a 100% prime pitch on the Esplanade.
- Grade A office totalling approximately 21,013 sq ft (1,952.1 m2 ) NIA over basement, ground and 4 upper floors.
- Low rent ranging from £27 psf to £29 psf, compared to levels of £40 psf achieved in nearby buildings.
- Multi-let to tenants including; Aberdeen Private Wealth Management Limited, CVC Capital Partners, Jersey Finance Limited, Capco Trust Jersey Limited and Touchstone (CI) Ltd.
- WAULT to lease expiries of c.5 years and c.4 years to breaks.
- Total income of £630,732.50 per annum reflecting £27 – £29 psf on the office space.
- Significant asset management opportunities including; regearing leases, agreeing outstanding rent reviews and capitalising on the excellent rental growth prospects at future reviews.
We are instructed to seek offers in the region of £8,300,000 (Eight Million Three Hundred Thousand Pounds).
A purchase at this level reflects an attractive Net Initial Yield of 7.5% and a low capital value of £395 per sq ft after the deduction of purchaser’s costs of 1.50% on the basis of an SPV sale.