CBRE Jersey acquires JTC House in St. Helier for Seaton Place Limited
CBRE Jersey has acted in the acquisition of 27/28 Esplanade, St. Helier, Jersey, on behalf of their client, Seaton Place Limited. The property known as JTC House, in the heart of the central business district, was purchased for £41M, to achieve a net initial yield just above 6%. The modern, design-led commercial property has been built to the highest standards and specifications. It is a Grade A office building with a BREEAM rating of ‘Very Good’. Consisting of 71,000+ square feet spread over seven floors, the building occupies a prime position on The Esplanade. The building is fully let on long leases, with an average unexpired lease term of 18.5 years to high-quality tenants, including JTC Group, Saltgate and Ardian Capital.
“This large commercial property investment transaction in Jersey demonstrates the tremendous confidence in the local finance business industry and in the island as a whole. The property is one of Jersey’s most impressive commercial buildings and the tenants are all first class and high-profile names. I am delighted to have once again assisted Seaton Place Limited with this acquisition, their second major investment in the island following their acquisition of Gaspe House twelve months ago.”