Press Releases | Corporate Finance | Katrina Bray
17 Feb 20
Carey House sold by Channel Islands Property Fund
Carey House has been sold by the Channel Islands Property Fund to a Guernsey-based family office.
The building at Admiral Park, which is the main office of Carey Olsen, was bought by CIPF in May 2015 for more than £16m. It has now been sold by share transfer for an undisclosed sum. Watts Property Consultants acted as the acquisition agent for the purchaser.
‘The Channel Islands Property Fund has a focus on investing in high specification commercial buildings in order to deliver a good return to the investors. Carey House has been an important part of our property portfolio, which now includes offices in Guernsey, Jersey and the Isle of Man, and so we are pleased that it will remain locally owned,’ said CIPF chairman Shelagh Mason.
‘CIPF is now looking at other Grade A, multi-tenanted offices which we can acquire to deliver our stated investment strategy. It’s positive news for the Channel Islands that the commercial property market in the islands continues to be buoyant.’
Carey House, which is 26,472 sq.ft and has 100 car parking spaces, was originally known as Commerce House but following a £4m redevelopment, it was renamed in 2007 by Carey Olsen.