Empty apartments sold off to local investor

Thursday 06 June 2019

Eleven apartments in the Royal Terrace complex which have lain empty for three years have been sold to a local investor.

The apartments which were owned by the Longport Group are part of the 54 apartment complex in the development located on the seafront.

Part of the former site of the Royal Hotel was developed into the Royal Terrace apartment complex in 2010. The group which went into administration in 2016 was originally prevented from selling the £63 million worth of property because of a dispute with Capita Symonds the architects and building services engineers who said they were owed £1.3 million in fees. 

The troubled development was then also the topic of legal action from Longport against Capita Symonds for £64 million for 'delays and losses' surrounding the build.

A number of Longport Group assets have been sold off since 2016;  Long Port Properties Limited, North Leigh Park Group Limited, Gibfield Park Group Limited, Lydda Holdings Limited, Guernsey Data Park Limited, Jubilee General 2 Limited, Jubilee General 3 Limited and Jubilee Esplanade Limited, and as liquidators to Jubilee Scheme 2 LP and Jubilee Scheme 3 LP – together “LPPL and related entities”. Kings Premier Health Club and Marina Health and Leisure continue to operate. 

The 14 acre Guernsey Data Park site off Route Millitaire in St Sampsons was assigned to Watts & Co and put out to public auction via sealed bids for a limited period. As it stands no bids have been accepted on the site. 

Pictured: The Data Park site still lies empty and is still to be sold. 

All of the empty Royal Terrace apartments have been sold to the undisclosed investor bar one. They are a mix of open and local market properties which have been unoccupied since 2016. Some apartments were never completed and remain in 'shell-and-core' condition, some were used as show apartments and some were let for various periods of time.

Livingroom was appointed as the sole agent to manage the sale by administrator Deloitte.

Simon Torode, Founder, CEO of Livingroom said:

“Livingroom is privileged to have been singularly involved with such a prestigious local development. The sale demonstrates a positive reflection of the property market in Guernsey and great faith in the island and all it can offer as a stable business and investment base.  

“We have seen notable rise throughout 2019 in the level of confidence of buy-to-let investors which echoes the need for more property to let across the board.”

 Future plans for the development have not been confirmed.

Pictured above: The Royal Terrace apartments.