Park Place to be renovated into commercial office spaces

Wednesday 30 May 2018

Collas Crill has assisted two private high net worth lenders on a £5.5m. financing for the acquisition and development of Park Place in St Peter Port, Guernsey.

The development will entail a "significant refurbishment" of the building to prime commercial office space prior to being marketed with "multiple lettable units."

The team at Collas Crill consisted of Consultant Shelagh Mason, partner and Head of the property team, Jason Green, Group Partner and head of the commercial team, Paul Wilkes, Senior Associate Tristan Ozanne, Associate Ben Le Page and Paralegal Harry Round. 

Charles Keay of Cranborne Chase Asset Finance London who acts as onshore adviser to the senior lenders said: "I just want to reiterate how delighted we have been with the support of Collas Crill LLP throughout and in particular the lead taken by Mr Ozanne, ably assisted by Mr Le Page, who have worked tirelessly to get this done. Well done to all."

Mr Ozanne said: "This deal really allowed Collas Crill to show its strong technical ability on some quite complex structuring and legal issues."

Mr Green added: "Our team worked tirelessly to get this deal across the line often with interesting challenges along the way. 

"The building is very much a well known landmark and its re-entry in to the office accommodation market will be welcomed by many businesses seeking medium sized units of quality accommodation."

Toward the end of 2017, Park Place was earmarked as the Medical Specialist Group's potential new home, but those plans were scrapped after planning permission was rejected and the medical community decreed the building unsuitable.