Savills News

Savills advises on largest single commercial property transaction on the Channel Islands

International real estate advisor Savills has advised a private client on the sale of Gaspe House at 66-72 Esplanade, Jersey to Seaton Place Ltd. The sale represents the largest ever single commercial property transaction on the Channel Islands having exceeded the quoting price of £88.5 million.

Totalling 164,298 sq ft (15,263 sq m) over ground and five upper floors, Gaspe House was completed in 2016 is Jersey’s most highly specified grade A building benefitting from an Excellent BREAM rating. Situated within the Island’s premier office location, Gaspe House is currently multi-let to four high profile tenants including Royal Bank of Canada, Deloitte LLP, Collas Crill and First Names Group with an average long expired lease term of 21.03 years and an annual passing rent of £5.6 million.

Tony Rowbotham, commercial director for Savills in the Channel Islands, comments: “The sale of Gaspe House is hugely significant given that it is the largest ever single commercial property transaction in the Channel Islands. Furthermore,, it demonstrates the strength of the both the occupier and investment markets in Jersey, which have gained substantial momentum over the last three years.

“It is also the second major sale of an office building that we have undertaken in Jersey in the last 12 months, following the sale of 37 Esplanade for £45 million in December 2017. This underlines Savills position as the real estate advisor of choice for investors throughout the Channel Islands.”

Seaton Place Ltd was advised by CBRE.

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