JDC grilled over demand for finance centre office space

esplanade plans 3rd block
Architect’s impression of the proposed Fifth Building in the complex

STATES developers have again been called on to defend their flagship building project, the Jersey International Finance Centre, amid continued speculation about the level of demand for office space in the complex.

Rival developers and those opposed to the project claim that a five-year-old letter, written by the managing director of the Waterfront Enterprise Board at the time, proves that States Members were told that there was a potential ‘mismatch’ of the supply and demand for top-tier office accommodation long before building work began.

In May 2011 Stephen Izatt, the head of WEB, wrote to the then Environment Minister Freddie Cohen outlining his concerns about introducing a large amount of new office space - the letter was submitted to the Corporate Services Scrutiny Panel last year by developers Dandara following a call for information relating to the finance centre project.

Debate about the controversial multi-million-pound building project continued this week during a public hearing for an appeal against one of the project’s buildings.




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Comments for: "JDC grilled over demand for finance centre office space"

Squawkie L Pelican

Awww... because big cuddly wuddly Dandara have got all of our best interests at heart.

The finance centre is a great scheme, the waterfront is perfect for it and it's a great opportunity for swathes of old buildings in town to be given over to much needed housing.

Don't listen to the bananas, they're all rich enough to have big houses and anything Martin Clancy commits to paper is for the benefit of his paymasters, believe the opposite.

No Axe to Grind

So what have "swathes of old buildings" in town to do with the question? Ah, you mean those old office buildings occupied by the States? Those old buildings to be converted into apartments to house an expanding population? The States to move their offices to the "International Finance Centre"?

So, nothing to do with attracting new business to Jersey.

Nothing but lies.

Squawkie L Pelican

So I see the benefits of this scheme differently to the BS that is being served, retaining existing firms by upgrading the office stock available on the island is a good thing, as is providing much needed housing for the working poor, a category of fellow human being that is going to multiply as the child and mortgage tax benefits the baby boomers enjoyed are phased out.

If the States move offices. So what. The lies are only to temper the shrill wailing of the BANANAS who's solution to the housing crisis caused by an increasing population is to make life miserable for people who can't afford a home.

Nothing but cruel NIMBYism.


Squawkie ... if you think the finance centre is so vital, then please use your house or whatever as surety. Would seem to a a no-brainer for you. As for the 'swathes of old buildings' if you turn any more of town into accommodation, you will be creating a ghetto where there is continual social unrest due to a total lack of amenity space. You cannot cram people into hundreds of what are essentially bedsits without consequences.

Squawkie L Pelican

Did you accidentally swallow your Daily Mail? Ghetto? Social Unrest? Pfff....


The Dandara office block next to the Grand Hotel still has capacity for paying tenants, roughly half the building in fact, unless fully let this could be a worry for Dandara, there is no financial risk to island residents not a single penny.

Half empty office blocks at the waterfront built by States of Jersey Development Company, panic, public financial loss of assets, but there is a cunning plan 'B' that everyone will swallow. Thats if you are of course, a member of the muppet family.

Now the population is being asked to believe the states are to build super offices for states departments in La Motte Street which is utter nonsense. The States have no money and the site has no parking.

It is part of plan 'B' for when SoJDC cannot attract enough tenants to the Jersey International Finance Centre they will then claim "look how clever we are ", we don't have to build in La Motte street we have offices ready to occupy on the Esplanade saving on rents now being paid and putting departments under one roof and saving the cost of a new office block.

Where has the profit gone that islanders were promised ? Where are the new businesses as promised, where have the reasons for building the JIFC in the first place evaporated too ?

If Senators Maclean, Gorst and Ozouf et al, were so confident of their promises of making a profit and attracting new business to unique grade " A " offices, they would have released the details of the contract with UBS to states members and scrutiny with a confident smile.

Instead scrutiny are looking at going to court to order SoJDC to release figures and important information to prove their case for building offices.

The Jersey International Finance Centre never ever will be built to attract " new international business as promised.

We know that and they know that - but they keep on lying.

No Axe to Grind

Abaddon, absolutely correct. I can say that this is not conjecture; it is the truth.

If our COM is confident that they are pursuing the right policies, they should have the courage to be honest about them and to support them with facts and figures. They can have little confidence in their policies if they have to lie and misrepresent them at every turn, as well as obstructing the release of information.

They could have taken away all the risk by allowing more residential development on the waterfront (as originally intended) and by selling development land for offices or housing to private sector developers.


The truth is, this development is a pup. It was never going to work as intended. The worry is only about two percent of the population, on a good day, give a damn. Shame eh!!!