The Channel Islands Property Fund has made its second acquisition in two months with the purchase of 18 – 22 Grenville Street in Jersey by share transfer for an undisclosed sum.

The property, which is made up of two interlinked office buildings, is the Jersey headquarters for offshore legal firm Mourant. Constructed in 1985 and 1995, the buildings, which provide 48,970 sq.ft. of office accommodation arranged over ground and three upper floors, have been comprehensively refurbished including an update and improvement of the facilities and the mechanical plant and equipment to provide high quality modern offices which fit within the CIPF portfolio. There are also three residential units plus 15 car parking spaces.

‘Our last Jersey acquisition was Liberation and Windward Houses in 2016 and so we have actively been looking for other properties in the island, which will balance the portfolio and complement the holdings we already have across Guernsey, Jersey and the Isle of Man. 18 – 22 Grenfell Street is a fantastic addition, based on the building’s specification, the length of the lease and the strength of the tenant and we are very pleased to have been able to rebalance our portfolio across the islands,’ said chairman Shelagh Mason.

‘We know there has been an increase in outside interest in Grade A commercial property within the Channel Islands, which may be a result of the way our governments have successfully handled the Covid pandemic. It’s therefore particularly pleasing for the board that in the last two months, the fund has made two acquisitions which we believe protect and enhance shareholder dividends.’

In July, CIPF acquired Valley House in Guernsey for £7.7 million with the 14,782 sq.ft. building becoming the new Guernsey headquarters for Oak Group Limited.