ISLANDERS walking along Broad Street won’t have failed to notice the huge empty space and building façade that has now been sitting there for over a year…
Developer Le Masurier is still “considering” its next steps for a £120 million project to regenerate the area, which would create 238 apartments, a 103-room aparthotel, restaurants and shops across a two-acre plot, as well as a walkway linking Broad Street and Commercial Street.
The scheme eventually received planning permission in December 2023, two years after an application was first lodged and after facing a series of hurdles.
Le Masurier reached an agreement with the government in July 2024 over a 15% affordable-housing requirement, which the developer said threatened the viability of the scheme.
Le Masurier previously highlighted that construction costs and interest rates had risen significantly since the Les Sablons planning application was submitted.
Environment Minister Steve Luce this week said he had not had any recent communications with the developer and was “unaware of any reasons that may lead to the development not being completed”.
The minister was responding to a written question lodged by Deputy Max Andrews.
Responding to a query from the JEP, a spokesperson for Le Masurier said the developer was “still considering” its next steps for the site.
In January, former Le Masurier managing director Brian McCarthy told this newspaper they were “still in the process of trying to discharge pre-commencement planning conditions” and had been since October.
Affordable housing requirement
An affordable housing requirement brought in two years ago requires developments of 50 or more dwellings to include at least 15% of properties available for sale or occupation by Islanders eligible for assisted-purchase housing.
The agreement between Le Masurier and the government – which was signed in July last year – confirmed the requirement for 15% of the homes to be sold to first-time buyers, but subsequent sales of these units are not covered.
These units would be sold to “eligible” Islanders, on the Affordable Housing Gateway, at a 15% discount from their open-market value. The buyer would pay 85% upfront, with the remaining 15% considered as deferred payment.
