The first building constructed at the International Finance Centre in St Helier has been sold by the Jersey Development Company (JDC) for £43.7 million.
The 69,405 sq ft, super-prime grade A office space was completed in March last year, fully let this year and sold to Klesch Family Office on 23 November. The sale has generated a net return (land and profit) of £10.9 million, exceeding JDC’s original projection of £7.5 million.
IFC 1 provides centrally located, flexible working office space over six floors and has been rated Excellent by BREEAM environmental standards. The building is 100 per cent let on long leases to blue-chip tenants.
Klesch Group Founder and Chairman Gary Klesch commented: “I have long held the view that Britain has been held back by the static model of the European Union. Once Britain has left the EU, I believe it will be immensely more attractive for businesses and investors alike as it becomes a more dynamic market able to adapt to evolving business needs.
"This investment underpins my view that we will see explosive growth triggered by Brexit, which will increase the demand for high-quality office space in Great Britain and Jersey, as businesses hire to capitalise on the Brexit opportunity.”
JDC appointed Carey Olsen to act as its legal adviser, with JLL and D2 Real Estate as IFC 1’s sales agents.
Ogier advised on the purchase. Led by Partner Julie Melia, the team included Senior Associate Sarah Parish from the Jersey property team, Senior Associate Martin Casas from the Guernsey property team, and Chloe Watson-Hill, an Associate in the Jersey corporate team.
Lee Henry, JDC’s Managing Director, said: “JDC is delivering a flagship office district that provides the highest quality office buildings in Jersey. There was significant interest from potential purchasers as a result of the quality of covenants of occupiers, the level of unexpired lease term and the quality of the building in terms of design, flexibility and specification.”