Bedell Cristin advises on the largest office sale ever in Jersey07 Oct 2016
Specialist teams from Bedell Cristin's property and corporate departments in Jersey have completed the sale of Liberation House and Windward House on the Jersey waterfront. This marks what we understand to be the largest office sale ever in Jersey.
The Bedell Cristin team of head of property, Guy Le Sueur, and head of corporate and commercial, Tim Pearce, supported by associates Mark Nisbet and Natalie Harris represented seller Islands Development Limited. The combined buildings total nearly 84,000 square feet and were sold to the Channel Island Property Fund for £34,000,000.
“These are unique, landmark assets, and this transaction is clearly one of the most significant deals to date at the Waterfront and we are very pleased to have assisted Islands Development Limited on the implementation of its overall portfolio management strategy in a challenging environment.” said Guy Le Sueur, whose team also recently completed on the sale of the Tourism Office at the Waterfront development in September.
Bedell Cristin has acted for the parent company of Islands Development Limited in respect of the Liberty Wharf development since 2012 and has advised on its acquisition and various disposals, as well as day-to-day letting, property, employment and commercial matters.
Angela Morris, a director of Islands Development Limited commented: "The disposal of Liberation House and Windward House is a significant milestone for us, and we are very appreciative to all the advisers that assisted us in achieving this, with particular thanks to Bedell Cristin for assisting in the overall project management and in getting the deal over the line."
Islands Development Limited were also assisted by a specialist team from Capita Asset Services who Bedell Cristin were proud to work alongside.