The property was acquired with a private Equity Joint Venture Partner in 2015.
The property comprises two prime office buildings totalling 87,000 sq ft on the premier business park on the Island and were constructed in 2005. One of the buildings Dorey Court was subject to an over-riding lease to a Major Bank. Approximately half the build was sub-let.
We negotiated a surrender of the head lease as the principle tenant had vacated the building which enabled direct negotiations with sub-tenants who became our direct tenants. This in turn led to negotiations with the sub-tenants for longer occupational leases.
The building was then subject to a major refurbishment to include a new air-conditioning system. Being Guernsey there was not a large enough crane on the Island to lift the chillers from the roof or new ones onto the roof. We therefore had to arrange for this to be done by airlifting the chillers into place.
In addition, the entrance lobby, common areas were subject to a major refurbishment, whilst all the WCs were replaced. The office accommodation was also subject to Grade A refurbishment to include new LED lighting, New Ceilings etc. as a result of these proposals to top floor was pre-let to a Global business.
The building is now fully occupied to Global Businesses on long leases all with 10 year + term certain.