The two-phased project is being funded by the proceeds from the sale of seven landmark properties from the States portfolio.
Last year Housing persuaded States Members to agree to the sale of selected properties in public ownership so that the proceeds could go towards redeveloping the St Clement estate.
These were the Old Station House at Corbière, Winchester House in Winchester Street, 101 Don Road, the East Telephone Exchange, St Saviour, Amy’s House and L’Hopital, St Catherine, St Martin, and the Coach House, Rouge Bouillon.
In the face of opposition to selling public assets, Housing president Deputy Terry Le Main argued that it was a one-off case as they did not have, or were likely to get, the £2.1 million that was needed to refurbish the St Clement estate.
So far five have been sold.
The Old Station House fetched £410,000, Winchester House £215,000, the East Telephone Exchange £517,500 and Amy’s House and 101 Don Road both sold for £275,000.
The sale of L’Hopital has been agreed but as it has yet to pass contract, Housing were not willing to publicise the price.
Nonetheless, when put out to tender in the summer, it was estimated that the landmark property overlooking St Catherine’s Bay could fetch more than £500,000.
