Under Offer
Location
The property is located within St Helier’s central business district, occupying a prominent corner site towards the eastern end of Seaton Place. The area is close to the Waterfront and the International Finance Centre and within a short walk of King Street, the town’s main retail thoroughfare.
Description
This purpose built four storey office building was extensively refurbished in 2019 to provide exceptional quality space benefitting from excellent natural light and 18 secure car parking spaces to the rear.
The specification includes:
• Air conditioning throughout (new installed 2019)
• Two 13-person passenger lifts (new installed 2019)
• Suspended ceilings with LED lighting
• Fully accessible raised flooring
• Shower, toilets and a kitchen on each floor (new installed 2019)
• 18 secure parking spaces
Accommodation
The Property has been measured in accordance with the RICS Code of Measuring Practice and provides the following net internal floor areas:
Ground floor Suite 1 987 sq.ft (91.69 sq.m)
Ground floor Suite 2 906 sq.ft (84.17 sq.m)
First floor 5,176 sq.ft (480.86 sq.m)
Second floor 5,117 sq.ft (475.38 sq.m)
Third floor 4,761 sq.ft (442.31 sq.m)
Total: 16,947 sq.ft (1,574.41 sq.m)
Tenancy Schedule
Ground floor - Suite 1
The Public of the Island of Jersey
9 year lease term from 14/12/2021 subject to tenant breaks 12/2024 & 12/2027 Rent £31,870 pa (JRPI Review 12/2024)
Ground floor - Suite 2
The Summit Consulting Ltd
3 year lease term from 03/01/2023 Rent £24,462 pa
First floor
PwC Properties (Jersey) Limited
9 year lease term from 01/12/2023 subject to tenant break 12/2027 Rent £174,148 pa (Review 12/2027)
Second floor
Carey Olsen Group
9 year lease term from 29/09/2022 subject to tenant breaks 09/2025 & 09/2028 Rent £155,659 pa (Review 09/2025)
Third floor
Jersey Mutual Insurance Society
21 year lease term from 16/08/2021 subject to tenant break 08/2031 Rent £163,019 pa (JRPI Review 08/2024)
Price
The opportunity exists to acquire the freehold interest in the property, subject to the above noted leases, for a consideration of £6,800,000 which equates to a NIY of approximately 7.675% (following Jersey Mutual JRPI Review on 16 August 2024), after purchase costs of 4.85%, exclusive of GST as applicable.
Legal costs
Each party to bear their own legal costs and any other cost incurred in the sale of this property.
Viewing
Strictly by appointment with the Vendor’s sole agent.
Nick Trower MRICS
Director – Commercial
T. +44 (0)1534 874141
M. +44 (0)7797751558
nick@broadlandsjersey.com
www.broadlandsjersey.com
Guy Gothard FRICS
Director – Commercial
T. +44 (0)1534 874141
M. +44 (0)7797737127
guy@broadlandsjersey.com
www.broadlandsjersey.com
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