Jersey finance centre building sold for £43.7 million

THE first building constructed at the Jersey International Finance Centre has been sold by the Jersey Development Company for £43.7 million

The 69,405 sq ft development was completed in March last year, fully let this year and sold to Klesch Family Office on Friday.

The sale has generated a net return (including land and profit) of £10.9m, exceeding the JDC’s original projection of £7.5m.

Lee Henry, JDC’s managing director, said: 'JDC is delivering a flagship office district that provides the highest quality office buildings in Jersey. The IFC is raising the standards of office quality, specification and performance.

'There was significant interest from potential purchasers as a result of the quality of covenants of occupiers, the level of unexpired lease term and the quality of the building in terms of design, flexibility and specification.

'We are delighted with the successful sale and the continued confidence in the market generally both in terms of occupier commitment and end investors.'