Transportation House on the Island of Jersey has been sold.
The MRP Group acting jointly with global real estate advisors, CBRE advised on the sale.
Transportation House has been formerly exchanged and the acquisition has been completed this month, to include the 63-room aparthotel, which will continue to be operated by BridgeStreet and the first-floor commercial space operated by the well-known Regus Group.
Liberty Apartments at Transportation House is a well-established aparthotel in the coveted Liberty Wharf area of Saint Helier, within a close proximity of Jersey’s financial district and the main tourist attractions. The aparthotel is comprised of 63 studios and, one and two-bedroom apartments, with views of the harbour.
Jersey has seen a high demand for serviced apartments, driven by its popularity as a destination for tourists and as a key economy for the finance industry. With an influx of affluent travellers, and flourishing businesses, Transportation House is a stylish aparthotel island that meets this demand.
Max Thorne, The MRP Group’s CEO, said: “We are delighted to have been able to deliver this acquisition. This asset has been close to me since its delivery back in 2009, whereby I initially worked with the owners and developers to deliver the building and then place it into operation with BridgeStreet Global Hospitality, with whom I worked for, for over 20 years. From the outset this aparthotel has consistently outperformed the Jersey hospitality market and now is in safe hands to continue its success. This transaction is significant for the Aparthotel, Serviced Apartment sector and The MRP Group, demonstrating even in tough economic times, the Aparthotel and Serviced Apartment sector continues to deliver success and an institutional investment opportunity to the investment markets.”
PJ Thibault, Executive Director, CBRE commented: “The renaissance of the Channel Island property market continues, with a further sale demonstrating the deepening liquidity of the Jersey market and the attractiveness of real estate on the island to investors.
CBRE have now separately advised on the disposal of the offices, shopping centre and aparthotel that make up the wider Liberty Wharf development. Each element is now owned by specialist investors that are best placed to continue the growth of this area of St Helier, alongside the continued growth of the international financial centre.
The MRP Group was founded in 2013 by Max Thorne after identifying a gap in the sector, providing solutions and advisory to the serviced apartment and aparthotel sector. Since then The MRP Group have been nominated for the Industry Breakthrough and Innovation award at the ASAP Awards. This year, were nominated for Best Service Provider and Rising Star at the Serviced Apartment Awards.