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Talking your language Kelly Lee, Mortgage Team


I


T IS no secret that property underpins a great deal of the wealth in the Channel Islands, with relatively high property prices across both residential and commercial property. When an


individual or organisation invests in property in the islands, it is certainly with the idea that values will continue to rise and, over time, a profit will be made. Decades of development and growth


have made it almost unimaginable that property and rental prices could fall for any sustained length of time. This is especially true in the commercial sector. Just look at the amount of construction that has taken place over the last decade. Admiral Park in Guernsey and Liberty Wharf in Jersey are just two of the major projects that have helped shape the office and retail markets as they have increased both the functionality capacity of the islands’ stock. But the recent financial crisis and the


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recession that followed have naturally created unease about the perceived security of commercial property investment in the Channel Islands.


Riding the storm With such frenetic development activity leading up to the credit crunch, it’s natural that eyes are drawn towards the commercial property sector when conditions change for the worse. This is recession and the property bubble that never seems to burst will have survived its biggest test. l


• Helpful advice to completion and beyond • Fixed and Tracker rates available • Borrow up to 100% of the house price


• Call now to talk to our local mortgage advisors


Call 730730 for our mortgage team www.skiptoninternational.com


Our address: PO Box 509, Fairbairn House, Rohais, St Peter Port, Guernsey, GY1 6DS.


YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. Minimum age 18 years. All mortgages are subject to status and valuation. Skipton International Limited requires a first charge on the property as security. Skipton International Limited is licensed by the Guernsey Financial Services Commission. Registered Office: Fairbairn House, Rohais, St Peter Port, Guernsey GY1 1FE. To help maintain service and quality, telephone calls may be recorded and monitored. Skipton International abides by the Jersey Code of Practice for Consumer Lending.


February/March 2012 PS 29


INVESTMENTS MORTGAGES www.skiptoninternational.com


According to Simon Buckley of Buckley “ Call 730730


and Company, a Jersey-based commercial property agent, the five years since 2002 to 2003 in Jersey (the period when the island was affected by the last recession) saw “unprecedented development with over 300,000 square feet built and let.” The majority of these developments


have been in office space, with many of the large players in Jersey’s financial services industry moving out of central St Helier and onto the Esplanade and Waterfront. However, there has also been new development and refurbishment in the top- end hotel sector, a new transportation hub for Jersey and new retail space in both islands.


today for a decision in principle.”


KIRSTEN MOREL is on the businesslife.je editorial board.


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