The Esplanade car park where the finance district is to be built

HARCOURT Developments have one month to prove that they have the money to carry out the £350m Esplanade Quarter development on the Waterfront, or risk losing the project, the JEP can reveal.

It is believed that Harcourt have been asked by the States to put up a £95 million bond for the Island’s largest development project by the end of June as evidence of their ability to fund it.

Treasury Minister Philip Ozouf confirmed that Harcourt had two months from the end of April to provide this guarantee, but he would not reveal how much the bond was for. However, several well-placed sources have told the JEP that the figure is £95 million.

It is up to the States to make the final decision on the multi-million-pound contract, but Senator Ozouf has revealed that he would not take the deal to the House until Harcourt had met all the necessary financial and contractual conditions.

‘I need to be convinced by Harcourt that they are able to deliver on the bond,’ Senator Ozouf said. ‘I am looking to bring this matter to the States and to a completion by the end of June. I am not willing to comment on the figures. Whatever the figure is, it has to be the figure which insulates the States in terms of exposure.’

Attempts by the JEP to contact Harcourt Developments to allow them to comment on the funding questions have proved unsuccessful.