- States’ finance centre project is being reviewed by scrutiny panel
- Plans have been criticised by developers, who say it will cost the Island money
- Jersey Finance have now warned that negative debate could harm Jersey’s reputation
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CONTINUING debate about the Jersey International Finance Centre is damaging the Island’s reputation and could have a negative long-term effect on the economy, according to Jersey Finance.
In a formal response to the Corporate Services Scrutiny Panel’s review of the project, the organisation has given its full support to the plans, saying that the grade A office space proposed by the Jersey Development Company is essential.
The publication of the letter on the Scrutiny panel’s website follows a call by St Helier Constable Simon Crowcroft for all States Members to get behind the project to make it a success for the Island. Building the six large office blocks on what is currently the Esplanade car park has prompted debate in the Island for years.
Under their agreement with the States, the JDC must first secure legally binding pre-let agreements with tenants before pressing ahead with the development in order to minimise the risk to public money.
Further controversy was caused several weeks ago when Corporate Services panel chairman deputy John Le Fondré wrote to Treasury Minister Alan Maclean urging him to suspend any building work until the conclusion of their review or until the JDC could prove that they had secured tenants for 200,000 square feet of office space.
Senator Maclean has remained tight-lipped about his response to that request, but is due to reply formally to Deputy Le Fondré in the coming weeks.
Writing to Corporate Services on behalf of Jersey Finance, chief executive Geoff Cook said: ‘We believe that the continuing debate about the future of the JIFC is damaging the Island’s growth prospects and reputation. We have real concerns that the current lack of grade A office accommodation is, and will be, a limiting factor with regard to inward investment.
‘It will act as a valuable business attraction tool that will powerfully underpin Jersey’s pre-eminence as a leading international finance centre.’
Mr Cook went on to explain that the JDC’s proposals were a long-term investment in Jersey’s future which demonstrated confidence in the finance industry’s success.
His letter added: ‘If a business feels that the environment is supportive and welcoming, they will be more inclined to invest and commit to that jurisdiction on a long-term basis. ‘Conversely, if the business environment appears unsuitable, unstable or unwelcoming, businesses are less likely to see themselves succeeding within that framework.
‘The availability of suitable office accommodation is a core component of the business environment and it is our view that the historic and continuing debate surrounding the development of the JIFC has and is creating market uncertainty and is damaging to Jersey’s reputation.
‘We are convinced that further delay and debate over this project will have a detrimental long-term effect on the Island’s economy.’
In its conclusion, Mr Cook’s letter said that the development would be a fantastic asset to the Island that would pay long-term dividends.
- The Jersey Development Companys plans for the Jersey International Finance Centre on the Esplanade car park site include six new buildings.
- Proposals were put forward in December for the third building in the scheme, which the Jersey Development Company described as a clear sign of progress and interest in modern office space
- To date, the organisation has secured planning permission for two large office blocks as well as the underground parking that will form part of the overall plans.
- If approved, the latest plans would provide 69,000 square feet of office space in a building overlooking the roundabout on Route de la Libération.
- Lee Henry, the managing director of the Jersey Development Company said that the latest planning application envisaged outdoor table tennis tables for everyone to use and that future plans would include a café.
- Under the plans, a number of parking spaces have been relocated to unused scrubland near Jardins de la Mer while the work is carried out.
‘It is Dandara’s view that the proposed development does not in any way represent the best (indeed any appreciable) socio-economic value to the States of Jersey on behalf of the people of Jersey.
