This office building was acquired in April 2023 and comprises 43,000 sq ft.
The asset was secured off a low rental base of between £26–£29 psf. Since acquisition, occupational demand in St Helier has strengthened, with second-generation space now achieving rents of approximately £40 psf, evidencing clear reversionary potential. While the leases were originally short due to tenant break options, none were exercised, resulting in a natural extension of the WAULT and providing greater income security. Active asset management is ongoing, with rent reviews in progress and a strategy to regear or selectively relet space over the coming years. Combined with yield compression of approximately 75 basis points for assets of this nature, the building has delivered strong returns in terms of income profile and capital positioning.