THE Jersey Development Company is drawing closer to the construction of its planned Westward scheme at South Hill after it secured apartment reservations totalling over £21 million.
The update was provided by Treasury Minister Elaine Millar, who said it was great that there had been “so much interest” in the States-owned developer’s plans to build around 140 apartments on the site of the former Planning offices.
Deputy Millar told the States Assembly last month that she had signed a ministerial decision to allow the JDC to enter into a design and build contract for the development of the site.
In response to a recent written question from Deputy Alex Curtis, published this week, Deputy Millar confirmed that the JDC had now “secured reservations on 31 apartments for a total value of £21.49m”.
Speaking to the JEP, the minister said she understood that if the majority of the reservations were converted into formal pre-sale contracts, the JDC “will be able to go ahead with the next stage and hopefully start building as soon as possible”.
She added: “Westward is quite a big development and it’s great that we’ve had so much interest in it.”
In addition to the ministerial decision relating to the Westward development agreement, Deputy Millar also gave approval earlier this year for the JDC to enter into new lending facilities of £165 million for a period of five years – with a potential ‘accordion’ funding option for a further £85 million – for the purpose of “refinancing existing lending facilities and financing future developments and opportunities”.
