IFC 1 sold for £43.7m

The first building constructed at the International Finance Centre has been sold by the Jersey Development Company (JDC) for £43.7m.  The 69,405 sq. ft, Super-Prime Grade A office space was completed in March last year, fully let this year and sold to Klesch Family Office last Friday (23rd November).  The sale has generated a net return (land and profit) of £10.9m exceeding JDC’s original projection of £7.5m.

IFC 1 provides centrally located, highly efficient, flexible working office space over six floors and has been rated “Excellent’ by BREEAM environmental standards. The building is 100 per cent let on long leases to blue-chip tenants.

Lee Henry, JDC’s Managing Director said: “JDC is delivering a flagship office district that provides the highest quality office buildings in Jersey, 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.”

JDC appointed Carey Olsen to act as its legal advisors and JLL and D2 Real Estate as IFC 1’s sales agents.

Jersey Development Company is delivering on its strategy and commitments to the island – financially, socially and environmentally.