Town properties sold

Wednesday 03 September 2014

A set of town centre properties has been sold for £3.3 million as one of the Island’s biggest commercial property companies continues to shift its focus to the UK and Europe.

C Le Masurier Ltd have confirmed the sale of 59/61 King Street (the site of Restaurant de la Poste and Jersey Pottery Café) and 18 Broad Street (the site of the Town Jewellers), which went through last month.

They have also sold the former Motor Museum, now trading as Morton and Morton, and Alexandra Court in St Peter.

Group property director Ben Ludlam said that the proceeds would be invested in projects outside of the Island.

He said: “These disposals form part of our strategy of divestment from non-core investments in Jersey, with proceeds being reinvested in commercial property in the UK and Continental Europe, and we are hoping to complete a further couple of acquisitions there before the end of this year.”

At the start of 2012 the group sold the Odeon cinema to Freedom Church Jersey for £1 million.

At around the same time they secured Planning permission for a 300,000 square foot office scheme in Broad Street, which would be one of the biggest buildings in the Channel Islands if it goes ahead.