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Hampshire Hotel Site, St. Helier: Aquisition by Andium Homes Limited: Approval

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A decision made 26 April 2024:

Decision Reference:  MD-TR-2024-317

Public

Subject: Andium Homes Ltd: Approval to acquire the former Hampshire Hotel site

 

Report Title: WR - Andium Homes Ltd: Approval to acquire the former Hampshire Hotel site

Exempt (Article 26)

Decision(s):

The Minister for Treasury and Resources decided to provide approval for Andium to acquire the Hampshire Hotel site through a sale of certain of The Limes apartments and a balancing cash receipt.  This approval to be subject to the condition that further Ministerial approval will be required for Andium to enter into the Development Agreement with a chosen contractor in the future for the development of the Site, along with the associated funding mechanism.

Reason for Decision(s):

In signing MD-TR-2020-0014, the then Assistant Minister for Treasury and Resources required Andium to continue to seek Ministerial approval for all Agreed Projects, including their funding mechanism, prior to commencement. P.129/2014 (Budget 2015) Appendix C defines an Agreed Project as “…a project in Jersey selected by the Housing Trust/Association/Company and approved by the Minister for Treasury and Resources as part of an agreed Business Plan or otherwise.”  The proposed acquisition of the Site is not within the current approved Strategic Business Plan of Andium.    A third-party assurance review has been completed and has not identified any matter which raises risks which cannot be mitigated or addressed by Andium.  This approval is required for Andium to progress its strategic objective to deliver 3,000 new homes by 2030 and is aligned to Andium’s vision and stated aims within its Strategic Business Plan.

Resource Implications: There are no additional resource implications, financial or manpower as a result of this decision for the Government of Jersey. All costs will be borne by Andium.

 

Action Required: The Minister’s Private Secretary to notify the Head of Shareholder Relations once this decision has been approved.   The Head of Shareholder Relations to advise the Chief Finance and Operations Officer of Andium Homes Ltd that Ministerial approval has been provided to the acquisition.

Signature:

 

 

Signed By: Minister for Treasury and Resources

Date Signed:

 

 

Date of Decision (If different from Date Signed):

 

 

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