THE new waterfront business quarter could more than double the amount of available office space in St Helier, leaving ‘swathes’ of empty premises in its wake, a national property magazine has suggested.

The latest edition of Property Week estimates that St Helier boasts more than two million square feet of office space, of which nearly half is modern grade ‘A’ space.

The new Esplanade Square development (to be built on the Esplanade car park site) will add an extra 450,000 square feet of offices and in addition there will be Liberation House, a 60,000 square feet building forming part of the Liberty Wharf scheme, and a further 85,000 square feet of space at 44 Esplanade – despite the fact that edge of town developments such as Lime Grove (at the end of Green Street car park) are still unoccupied after two years.

According to the magazine there is no shortage of takers for Esplanade offices.

At the end of last year both Lloyds TSB and the Jersey Financial Services Commission announced they would be moving into the former Rock Galaxy site.

Trust firm Rathbones have commissioned a new headquarters building nearby, and at least two more substantial office-based firms are reported to be nearing final negotiations on new properties.

Prospective leaseholders are prepared to pay £25/£26 per square foot of space, although Esplanade Square is expected to bring in an average £27 per square foot.

Harcourt Developments Ltd are about to submit an outline planning application for the six-acre car park site, which will include retail space and 1,200 parking spaces as well as offices and possibly a business school.

Harcourt are also developing the adjacent Liberty Wharf retail scheme and bus terminus.