MARTEL Maides’ commercial department is celebrating two multi-million pound property sales within weeks. The company agreed the sale of two adjacent office buildings in St Julian’s Avenue for a combined total of £17m.

The first, Arnold House, was formerly owned by the Social Security Department and is currently let to HSBC. It acted on behalf of the States in securing the £10.5m. sale.

That was followed by the sale of the neighbouring office block, which is the local headquarters of international law firm Ogier, for £6.45m.

Commercial director Nick Renny, who acted on behalf of the vendors in both deals, said the sales had been the culmination of several months of negotiations between the parties.

‘Obviously we are delighted that we have double reason to celebrate, albeit the timing is largely coincidental because both deals have been subject to a great deal of negotiation over many months,’ he said

‘I am pleased that we now have two very happy clients.’

Mr Renny said the local office market had attracted enormous investment in recent years and these were just the latest examples of the big money transactions that had taken place.

In January, Fortis Guernsey bought two buildings at Admiral Park for £47m. – the recently-built Martello Court, which is the bank’s local headquarters, and the adjacent Dorey Court.

‘This trend is by no means unique to Guernsey. It is an indication of the overall strength of the commercial property investment market throughout the UK and indeed most of western Europe,’ said Mr Renny.

‘Property continues to be very much in demand from investors and there remains a vast pool of investment capital still looking for a home.’