Craigard Buys Again in Guernsey
Craigard is delighted to add a prime 34,500 sq ft office building to its growing portfolio across the water in Guernsey.
Bought for just over £13.7million, the Grade A space is located right in St Peter Port’s financial district and is already leased by SG Kleinwort Hambros and Rothschild & Co. The current tenants are already providing just over eight years of unbroken income. Craigard secured the sale in a competitive environment not on price but due to its reputation of delivering on a complex transactions, a great achievement.
Paul Foster for Craigard said: “We’re so pleased to welcome St Julian’s Court to our local portfolio. We have been steadily building our presence in Guernsey over the last three years and this purchase underpins our focus on acquiring more properties across the Bailiwick. We look forward to working closely to develop and maximise the potential of this fantastic property for our investors. The initial yield of 7% offers an excellent return for this quality of building with eight years of bank tenant income and there is good scope for rental growth from the current passing level of £30 psf.”
Advocate John Le Tissier of Carey Olsen was the legal representatives for the Vendor, with the Purchaser being represented by Alastair Hargreaves of Ferbrache & Farrell. Watts and Co acted for the seller and Alex Titheridge of APT Estates was involved for Craigard.