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Proposed sale of the former Jersey College for Girls

22 May 2007

The Minister for Treasury and Resources, Senator Terry le Sueur, today made a statement responding to a newly-published report by a Corporate Services Scrutiny Sub-Panel on the proposed sale of this site.

‘I accept the recommendations of the Sub-Panel and particularly those of their adviser, Mr R E H Wragg, FRICS and thank them for carrying out this review in such a timely manner.

The sale of the old JCG site has been a long and protracted process and I agree that, if we were starting from scratch today, a different approach might have been adopted.

The economic landscape was very different in Jersey in 2005 when it was decided to appoint a developer. The property market was flat. This was a difficult site, with little interest in it, and many constraints on what could be done with it.

Today, there is a new confidence which is reflected in rising property prices. There is also a determination by the States to revitalise St Helier, which makes any significant development site in the town a more tempting proposition.

Most significant of all, the site now has planning permission - which has increased its value.

The report prepared by Scrutiny’s adviser was objective and thorough. I am pleased that it acknowledged that the tender selection process had been both open and fair, and that it recognised the challenges which my officers faced. The recommendations of the adviser reflect good general practice, and several of these are already incorporated within Property Holdings policy...

I note the concern expressed regarding the structure of the proposed agreement and would simply point out that the documentation is only at draft stage. Our legal advisers will deal with these issues and I have no intention of approving an agreement which would place the value of this asset at any significant risk.

Finally, concerns are expressed regarding the potential value of the site in the light of the rising housing market and comments from other developers.

I will therefore now obtain a new valuation of the site. Meanwhile, our negotiations with the preferred developer will continue. I am determined to bring this matter to a successful conclusion.

ends

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