The States won’t be investing any money in the redevelopment of Leale’s Yard.
Policy and Resources has scrapped plans to put tax payers money in to the long-awaited project after saying that they’ve failed to agree terms for the investment.
The States had previously agreed to put up to £35 million into the wider Bridge regeneration project which includes the redevelopment of Leales’ Yard.
Deputy Lyndon Trott now says their talks with the developers have come to an end and any investment will instead focus on the wider plans for the Bridge.
“As directed by the States, we have been discussing the developer’s proposals for some considerable time with the aim of having sufficient information to present it to the Assembly for a final decision on whether a significant sum of taxpayer money should be invested,” explained the President of the Policy & Resources Committee.
“We all know and recognise that housing is arguably our number one priority, but it remains essential to carry out the necessary checks and balances to ensure taxpayer funds are invested sensibly with clear and tangible benefits for the community.
“This project has now been progressed as far as the States can invest, having prioritised significant staff and considerable financial resources to help to try and achieve an affordable solution.”
Deputy Trott intimated that States funds will go to other work that feeds in to the wider Bridge regeneration project that has also been long in the planning, rather than specifically towards the building of new houses, retail facilities, and community spaces at Leale’s Yard.
He said the wider plans for the Bridge area include housing, which is the island’s priority at this time.
“The States remains focussed on improving the delivery of needed housing development and are continuing to invest resources in other projects and initiatives as part of the wider Bridge regeneration to support housing delivery in the Bridge main centre.”
Deputy Trott said plans for the regeneration of the Bridge include work to enable flood defences, the delivery of housing sites and the infrastructure between them, and land reclamation.
This work is being driven forward by the Guernsey Development Agency, which is working on plans for land reclamation and housing developments around the Bridge.
The Local Planning Brief for St Sampson Harbour Action Area is due to be signed off by the current States before the June election. Deputy Trott said that will allow significant development and regeneration potential to come forward
“We expect to be able to share positive updates on the progress of these initiatives for the community in due course,” he said.