23 October 2018
An opportunity has arisen for the States of Jersey Development Company to buy the Waterfront Leisure Complex from the existing lease holder. The Treasury and Resources Minister, Deputy Susie Pinel, has signed a Ministerial Decision approving the purchase of the 3.6 acre site, which includes the swimming pool, cinema complex, gym, arcade and various food and beverage outlets. The decision gives authority for the Jersey Development Company (JDC) to procure commercial funding to buy the site.
Commenting on the proposed purchase, Deputy Pinel said: “This is a great opportunity to acquire a commercially self-sustaining site, and at the same time secure a prime site for future development.”
The Waterfront Leisure Complex, which was completed in 2003, was the first commercial development on St. Helier’s waterfront. This unexpected opportunity to acquire this site opens up the potential for a future upgrade of the site, while ensuring the current leisure facilities continue to be managed for the benefit of the community.
Any future redevelopment plans will maintain current facilities either on the existing site, or at an alternative location. This opportunity secures the site for the long term and allows consideration of future redevelopment. However there are no immediate plans to make any changes.
The Jersey Development Company’s Managing Director, Lee Henry, said: “It is widely accepted that the quality of the architecture and buildings at the Waterfront Leisure Complex are not of the highest standard and resemble an out of town retail park, rather than a prime Waterfront site.
“However, the cinema, swimming pool and gym are extremely popular, with thousands of visits each week. JDC will not change any of this in the medium term, as the earliest break in leases is 2027. As with all JDC projects, JDC is funding the majority of the purchase price through a loan from a bank. The rental income more than covers the interest and capital repayments during the hold period.”