A private overseas investor has bought the Jersey headquarters of investment trust company Mourant for £16.55m.
The property is located at 18-22 Grenville Street, St Helier, and provides 49,115 sq ft (4,565 sq m) of office space in two buildings. The price paid reflects a net initial yield of 6.9%. The property will be let back to Mourant on two 21-year leases at £24/sq ft (£258.34/sq m) at 22 Grenville Street and £22.50/sq ft (£242.19/sq m) at 18 Grenville Street.
Rob Atkins, associate director at ATIS Real Weatheralls, said: ‘St Helier has a well-established office market with a high-quality tenant base, due to the strength of the offshore financial services industry. Investment demand is therefore very strong for prime buildings with covenants such as these reflecting the price achieved.’
ATIS Real Weatheralls represented Mourant; Barrs Freer-Smith acted for the private investor.