The States of Guernsey have bought Leale’s Yard.
The long-pigeon holed site which has been destined to join the island’s housing portfolio for a number of years was owned fully by the Channel Islands Coop but it has sold the majority of the land to the States for £4.5million.
The Coop said it will retain a portion of the land for its own development plans.
Deputy Lindsay de Sausmarez, the President of P&R, said Leale’s Yard is “strategically important” in wider housing development plans.
She said any new development there will feature improvements to the transport network and other regenerating aspects as well.
“This is a great way to begin the new term, and full credit must go to the former Policy & Resources Committee, the staff at States Property Unit and our new partners, the Coop, for seizing the opportunity and agreeing a deal that works for everyone,” she said.
“We’ve long recognised Leale’s Yard as strategically important for the regeneration of the Bridge, the delivery of critical infrastructure and much-needed additional housing. The new P&R Committee is fully supportive of the decisions taken to date and is keen to prioritise its progress this political term.
“The first priority is to improve the transport network in the area, both around and through the site, as that’s crucial for its long-term success in addressing the traffic impact. We are very keen to deliver the best mix of housing that the island needs, alongside other aspects that will support the regeneration of the Bridge, and won’t waste any time in moving this forward.”
Meanwhile, Mark Cox, the CEO of the Channel Islands Coop, said he’s pleased the deal has been done and building work could soon start at Leale’s Yard.
“We are delighted to have reached an agreement with the States of Guernsey for them to purchase the substantial part of the Leale’s Yard site.
“This agreement will enable the Coop to focus on our core business, free of the distractions that a complex property development like Leale’s Yard entails. The agreement will also see the States free to progress the delivery of much-needed new homes and employment opportunities for the island of Guernsey.”
Deputy Jonathan Le Tocq thinks the purchase is “good value for money”.
Having been on P&R in the last States and in this term, he said this deal will be good for Guernsey.
“The last Assembly gave a clear steer that the development of Leale’s Yard was a priority given the island’s current housing challenges. When the opportunity to purchase the site was presented to the former Policy & Resources Committee, of which I was a Member, we had no hesitation in pursuing it.
“I think this deal represents good value for money for the taxpayer and importantly unlocks the site for development after many years of unsuccessful attempts to progress it.”
Conditions of sale have been signed, with both parties expecting a court date of 14 August, with the Coop committing to beginning their work within 18 months.
More to follow…