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UK firm invests £5m in commercial redevelopments

UK firm invests £5m in commercial redevelopments

Wednesday 17 November 2021

UK firm invests £5m in commercial redevelopments


A UK property developer is nearing completion of another major redevelopment after investing £5million in commercial property in Guernsey.

Express recently reported on a survey conducted by Watts Property Consultants which highlighted an over-supply of property unfit for modern commercial needs.

The survey was commissioned by the States' Development & Planning Authority to improve understanding about the availability and condition of office accommodation in the island's main business centres.

It found that Guernsey has on over-supply of ‘tertiary stock’ - office space which is significantly dated and requires refurbishment.

Meanwhile, Field Day Developments, in conjunction with Rothay Capital, have used local building specialists on a series of major commercial redevelopments, including the new Rock House in the building in Victoria Avenue which previously housed the Guernsey Bowl. 

Rock House will be the headquarters of Rock Health, the island's first multi-use and multi-tenancy fitness centre.

Rock_Health.png

Pictured: Rock Health will be opening its doors this month on the site of the former Guernsey Bowl in Victoria Avenue. 

Field Day Developments has also led redevelopments at Royal Terrace, Frances House and Windsor House. 

“We’re really pleased to be taking on our fourth major office project here in Guernsey,” said Luke Daynes, Commercial Director at Field Day Developments. 

“We know there is a growing need for modern, design-led office stock that appeals to tenants, and we’re committed to bringing our expertise to the island to meet these demands head-on.”

Joanna Watts, Managing Director of Watts Property Consultants, said it is good to see developers trying to improve office accommodation in Guernsey.

“The audit we undertook on behalf of the States highlighted a stark lack of prime office spaces," she said. "Ongoing interest in Frances House indicates that there’s strong appetite for these modern, contemporary units. We are already down to our last few suites."

Pictured (top): An artist's impression of the redevelopment vision for Frances House. 

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