Island flats deal worth £8m

Aug 13 2008 by Alistair Houghton, Liverpool Daily Post

CHESHIRE investment company Bold International Properties has bought an apartment development in Jersey for £8.2m.

The complex consists of 48 apartments in the island’s capital, St Helier, which are used to house staff from the nearby Radisson SAS hotel.

Under the deal, funded by the Royal Bank of Scotland, Bold International Properties has acquired the properties from Jersey Waterfront Hotel Holding and agreed to lease the accommodation back to them.

Warrington-based Bold International Properties was founded in 1990 and is owned by its directors, Peter Neumark, Raymond Griffiths and Iain Sharp.

Its portfolio includes properties throughout the UK, largely in the warehousing and office accommodation sectors.

Mr Sharp said: “This is a good site, located in an excellent position close to the waterfront in St Helier. We are always interested in opportunities to add quality sites to our portfolio and are very pleased to have concluded this deal.”

RBS relationship manager Andrea Kelly said: “This acquisition fits well with the company’s strategic goals, and will complement the range of properties they currently have in their portfolio.

“Iain and his fellow directors run an impressive business and this should further strengthen their position.” Bold’s portfolio is managed by Mark Ames, from Liverpool property consultancy the Sefton Group.

Mr Ames acted as lead advisor on this transaction and funding was provided by the RBS Property Finance team in Warrington.

Rezidor Hotels opened the 195-room Radisson SAS hotel in St Helier last November.

The company said it chose to open the hotel, which boasts views out to 16th-century Elizabeth castle in St Aubin’s Bay, as Jersey is growing as a short break and conference destination.

alistairhoughton