The Jersey Trust Company, which this week announced it had acquired Kleinwort Benson’s fund administration business in the Channel Islands and South Africa, yesterday confirmed it had struck a deal with the developer to take about 30,000 sq ft at 27 Esplanade – currently a car garage and carpet shop.
Dandara have permission to remodel the site while retaining the building’s historic façade to create a seven-storey office and a basement car park.
6 – The number of office blocks proposed for the site
200,000 – The amount of office space in square feet former Treasury Minister Philip Ozouf said would have to be pre-let before work could begin. Senator Maclean said this was a mistake
13 – The number of prospective tenants supposedly in talks to move into the development
16,000 – The square footage to be taken by Swiss bank UBS, with the option of a further 7,000 sq ft
1,200 – The number of people who have signed a petition to halt the development
£50 million – The amount the JDC estimate the development could return to the Treasury Department
And Dandara confirmed that accountants Deloitte have agreed to take 11,000 sq ft in the developer’s office block being built next to the Grand Hotel.
The announcement by JTC will come as yet another blow to the States-owned Jersey Development Company, which last year lost the Royal Bank of Canada as a possible tenant when the bank announced it was to move into the Dandara building next to the hotel.
The JDC has now begun work on its first building of the controversial project on the Esplanade car park after revealing that Swiss investment firm UBS had agreed to lease 16,350 sq ft of space of the 67,000 sq ft unit.
Nigel Le Quesne, the chief executive of the JTC, said the business was due to move in in 2017 when it would consolidate its three existing Jersey offices under the roof of 27 Esplanade.
He said that the JTC’s recent acquisition of Kleinwort Benson’s fund administration business in the Channel Islands and South Africa had seen the business increase its headcount by around 40 per cent, with 130 people joining the group.
However, he would not be drawn on how much the deal was worth to the organisation, saying only that it offered ‘significant strategic benefits to both parties’.
‘We can confirm that we have signed a deal to lease office space at 27 Esplanade with occupancy currently scheduled for 2017,’ he added.
‘The JTC is a growing global business and following a series of successful acquisitions, combined with strong organic growth, we already have over 180 people based in Jersey.
‘At the present time these employees work from three buildings in St Helier, two in Castle Street and one at Harbour Reach, so the move is part of our constant drive for efficient operations and also to give our people the best possible working environment.
‘We believe that 27 Esplanade best meets the needs of our business, including our long-term plans for a highly successful and substantial presence in Jersey.
‘Jersey has an outstanding track record and with continued commitment from industry players, our government and our regulator the future for Jersey is bright.’
When asked whether the JTC had ever considered moving to the Jersey International Finance Centre, Mr Le Quesne said: ‘As a commercial organisation, we considered all the options available to us.’
Demolition work at 27 Esplanade is due to begin in the autumn.
JERSEY’S favourite farmer recently released a new song, criticising the proposed Jersey International Finance Centre.
Hedley Le Maistre’s latest tune, Office Town, laments the direction in which St Helier is going, with lines such as: Go on obliterate the view, let’s have another block or two.
‘Let’s just rename St Helier ‘Office Town’.
