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Value of St. Helier's property portfolio tops £40m

Value of St. Helier's property portfolio tops £40m

Monday 05 July 2021

Value of St. Helier's property portfolio tops £40m

The value of land and buildings in the property portfolio of Jersey's most populous parish has risen in recent years from £36.4m to £43.6m.

The result of the recent valuation was published in St. Helier's most recent Financial Statement.

The document shows the majority of buildings and land owned by the Parish has increased in value, with only a small number decreasing in value, since the last valuation carried out in 2016. This includes the Town Church House, which had been previously valued as just over £1m and was re-valued at £600,000.

Meanwhile, the value of the most expensive building in the Parish's portfolio, St. Ewolds Residential Home and Avranches Day Nursery, increased by more than one million from £9.68m to £10.75m.

An £8m renovation project is currently underway at the home to create new facilities for residents, as well as 20 additional rooms.

Pictured: The Parish Depot is located on La Grande Route de St. Jean.

The Parish Depot on La Grande Route de St. Jean, the second most expensive property in the Parish's ownership, nearly doubled in value from £2.77m to £5.15m.

The Town Hall and associated offices on Seale Street saw their value increase by £45,000, from £3.85m to £3.9m.

In total, the parish owns £43.6m worth of land and buildings, a value which increased by over £7m from £36.4m.

The majority of this comes from commercial properties used by the Parish – namely St. Helier House, St. Ewolds and Wesmount Nursery – which together are worth £13.65m.

Commercial investment properties – which includes a number of cafés and car parks – represent £10.9m, while residential investment property have been valued at a total of £7.86m.

The most expensive property in that category is The Deanery on David Place which is worth £2.35m. 

Pictured: The Deanery, on David Place, is worth £2.35m.

Non-commercial property used by the Parish have been valued at £7.3m. This includes the Parish Depot and the Old Fire Station and Nelson Street Car Park, which is worth £1.3m. 

Two of the ‘Heritable’ properties owned by the Parish – Almorah Cemetery Chapel and the Town Church – are listed as having no value. 

The Parish’s Annual Report noted how the valuation highlighted that its property portfolio was “well maintained and in good order”. 

“The Parish engaged an external valuer to revalue our property portfolio his report indicates that there has been a significant increase in the value of our portfolio, which is a reflection of both the current market conditions and the high standard of maintenance undertaken," the statement said.

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