13 May 2020
Carey Olsen supports Polygon with serviced office venture in Guernsey
Carey Olsen's commercial property team has supported long-standing client Polygon Collective in facilitating its investment into the 'serviced office' market in Guernsey in respect of two high profile and premium office buildings – the recently refurbished Les Vardes House and the historic and prominent Bucktrout House on Glategny Esplanade.
The investments represent a positive sign for the Guernsey real estate market, which has adjusted well to the current coronavirus (COVID-19) restrictions and is endeavouring to carry on with business as usual.
The serviced office concept is based upon the provision of fully equipped, high quality office space with premium facilities to businesses with a flexible and often short (rolling) term occupation arrangements. Polygon Collective, an independent family-owned investment company, has made a success of this serviced office concept in Jersey, and is excited about the opportunity of bringing the same to Guernsey.
Whilst Carey Olsen considers long term lets of high quality office space will continue to be an essential feature for many businesses in Guernsey, alongside the potential for more remote and flexible office working, brought into focus by the recent COVID-19 restrictions, the option of using serviced office accommodation will represent an attractive alternative to many organisations.
The Carey Olsen team was led by partner Jason Morgan, with general transactional assistance from associate Kieran Ogilvie. Senior associate Rachel Jones supported on the planning aspects.
Jason said: "We are pleased that we could complete this work for the Polygon Collective in such a short space of time so as to ensure that it can deliver its proposed serviced office business to the island."
Polygon Collective CEO Paul Wright added: "Carey Olsen, as always, provided exceptional and clear advice on all commercial property aspects in supporting our serviced office venture in relation to our occupation arrangements at Les Vardes House and purchase of Bucktrout House. The team were particularly focused on finding commercially attractive solutions while maintaining their exceptional technical abilities in facilitating our goals."