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After years of delays and missed deadlines, work on the Waterfront finance centre is finally due to start after UBS signed a lease for part of the first of a planned six buildings.
Construction work – by local firm Camerons – is due to start soon, with Planning permission already in the bag and the tenants eager to move into the new building. UBS, who have been in Jersey for more than 30 years, employ around 200 staff in the Island, and are expected to take two floors of the building.
The news has been welcomed by Treasury Minister Alan Maclean, who says that it shows confidence in Jersey and renewed prospects in the finance sector.
The States of Jersey Development Company will borrow the money to get the construction work going through a loan from HSBC.
Senator Maclean said: “This is very positive news for the Island and its economy. The decision by UBS, a leading financial services business, to take up this lease means that the States of Jersey Development Company (SOJDC) can go ahead with the first phase of the Esplanade Quarter.
“Jersey needs to offer Grade A office space if we are to attract top quality businesses who provide valuable employment for local people and income to run our public services.
“Taxpayers stand to benefit from the new offices – both from the taxes paid by companies and employees, and from the profits made by SOJDC which will be used to regenerate areas of St Helier.”
Tom Hill of UBS AG Jersey said: “UBS Jersey needs modern, efficient premises, located in the commercial centre of St Helier, for our business to continue to flourish, and we are delighted that this office building is available.”
The six-block financial services centre with around 470,000 sq foot of office space – or around six-times the size of the football pitch at Wembley Stadium – was first given the green-light by politicians in 2008.
Since then various dates about work starting have come and gone, and the project has also shrunk, with plans to lower the road running from the underpass and build on top of it delayed.
The original completion date given to the States was between 2015 and 2018.
In April last year, it was announced that RBC – the main tenant that office developers have been looking to secure – had chosen to move to a new Dandara building on the Esplanade, not to the States’ Waterfront office scheme. PwC and Ogier have also moved to new premises on The Esplanade, turning down the chance to go to the new developers.
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