The Arsenal Estate Alderney 28 Unit Apartment Building £2,950,000 (£105,357/Unit) 6.39% Net Initial Yield Guernsey GY9 3YQ

The 38 vergee site comprises various commercial and residential buildings known as The Arsenal and accessible via a large stone gate house into the walled Estate. Mount Hale House, Block D, Albert Chambers and a row of garages are all arranged around a large central courtyard forming the main hub of the Estate. Victoria House, the Guard House, Arches, the squash court and the former Ronez tarmac plant make up the remainder as can be seen from the site plan and aerial photo. The site is a registered heritage asset within the Longis Common Conservation Area.
The site is categorised in the Alderney Land Use Plan 2017 as Opportunity Area 4, which encourages new comprehensive development. A preliminary declaration was recently approved (November 2025) for a mixed-use residential housing scheme for a maximum of 38 dwellings. A Preliminary Declaration establishes that, in principle, on submission of an application with detailed plans then The Building and Development Control Committee (BDCC) would be likely to grant permission for such development.
A Preliminary Declaration is valid for a period of three years from the date it was issued.A successful purchaser will be able to apply for full planning consent tailoring any development to their precise requirements with the knowledge that they have full support from the planners. Full details on the successful approval from planning is available in the data room together with a supporting Statement of Heritage Significance.
The current total rental income from the Estate is £188,500 per annum. Currently there are no vacant apartments in either; Albert Chambers, Victoria House, Mount Hale House, Block D or the various garages.
The rents on the Albert Chambers apartments are subject to annual GRPI uplifts and we consider there is a good opportunity to drive rental performance through negotiation with tenants on the rents for the other elements.
The Estate is currently managed by a dedicated management company overseeing and maintaining matters day to day. There is the potential for a purchaser to work with the incumbent regarding any handover on a short term basis. Full accounts for Mount Hale Ltd and Victoria Holdings Limited, the two companies holding the assets, are available in the data room.
Initial design proposals have been prepared via a concept scheme produced by architects PF&A which retains all the physical buildings and structures of heritage significance. The vision will deliver on the States of Alderney objective to increase the supply of new housing whilst regenerating an important heritage asset. The prospective development includes two new two storey blocks both with 12 x 1 and 2 bed flats and 14 houses with associated amenity space and parking plus additional potential for a restaurant /community space.
The 14 semi-detached houses with private gardens are proposed to be on the former Ronez Tarmac Site. The existing South Garages are to be re-developed to provide a two storey apartment block with each apartment having dedicated parking. The size, tenure and type of accommodation can be designed to suit housing need and visitor accommodation demand. For example, the ground floor flats in what would be Block A could be designed specifically for elderly people. The proposed development includes alterations to the existing Block D into a community or retail use with the modern extensions removed to reveal the original walls. Alternative uses have also been considered.
Serviced accommodation provides an alternative to hotel or guest house accommodation. A serviced apartment is a self-contained fully furnished apartment which has housekeeping services and utilities included which is rented for a short or long period of time. Often with on site management team and shared communal facilities.
We are instructed to seek unconditional offers in excess of £2,950,000 (Two Million Nine Hundred and Fifty Thousand Pounds), subject to contract and assuming an asset sale.
Each party to bear their own costs.