Come clean on “new” Esplanade development says Senator

Monday 17 March 2014

A Jersey politician is calling for ministers to come clean and reveal the figures behind the “new “ Masterplan for the Jersey International Finance Centre.

Senator Alan Breckon believes the proposals for the development have changed considerably since they were originally “sold” to the States by Harcourt in 2008 and says the “stakes are far too high” to rush the development. He is taking a proposition to the States tomorrow to put the whole development on hold until the States have a proper debate on the scheme, how much it will cost, and how much it will bring in.

Ministers will fight against the delay, but Senator Breckon says that the deal is about  “much more than securing tenants for a couple of office blocks and building them”.

He said: “We’re talking about a massive development over a significant area in a very prominent place over a considerable period of time – perhaps 20 years or more, with many unknowns in both timescale and cost.”

He wants the States of Jersey Development Company - the States development agency behind the plans - to produce a comprehensive business plan with economic and business forecasts and a meaningful risk analysis and which looks at the effects such a massive development will have on St Helier. He says they have shared projections with the Treasury Minister but all States Members need to be properly informed.

Work is due to start any day now on the first of six brand new office buildings on the Esplanade car park in what will become the Jersey International Finance Centre. The project is expected to take several years to complete but will provide a huge amount of work for the local construction industry as well as world-class new offices for the finance sector.