Waterfront finance centre project back on
Saturday 10th April 2010, 3:00PM BST.
The landscaped car park where it is intended that a financial centre be built
THE multi-million pound plan to develop a new financial centre on the Waterfront could be back on.
Despite the current economic difficulties and the long-running controversy over the idea, the JEP can reveal that there are new plans to push ahead with the development of a new financial centre for St Helier.
Treasury Minister Philip Ozouf has given his strongest indication yet that both he and the Waterfront Enterprise Board are keen to press on with the controversial project in a bid to construct ‘high quality office space’.
Senator Ozouf told the JEP that there has been ‘significant interest’ from financial institutions and banks about setting up offices on the Waterfront. But he said that they cannot go any further until Planning Minister Freddie Cohen gives consent.
Plans for the £350 million Waterfront project have been on hold since last July when WEB ended the deal with Harcourt when they failed to meet a second deadline to produce a £95 million bond.
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What planet are they on. Isn’t anyone telling them that finance is in the process of downsizing ?????
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Our glorious government are already spending £64 MILLION per year more than they are taking in.
If they go ahead with this they will bankrupt the island – do we trust them with our money? – in addition to the £64 million deficit we remember the incinerator euro/£ debacle.
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Great idea. Right on the waterfront – perfect location. Should also be a catalyst for bars and restaurants to set up too. I think that this really could be something to behold.
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Good luck to them if they can find a developer that can;
a) post the required bond or give guarantees on completion of the project
b) can come up with tenants to fill at least part of the development
c) will not require a large loan, guarantee or suchlike from the the States eg the taxpayer
Personally I think we are being softened up for a public – private partnership where the taxpayer will assume most of the risk and the developer will take most of the profits if it succeeds.
With the nightclubs now vacant and plenty of units in Castle Quay still unfilled the Waterfront is not the commercial and social hub it was sold as!
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I knew it! I knew that would be the plan. Build a mega center of offices to lay empty for yonks.
Finance is finished in Jersey too over the next 5 years or so.Who wants office blocks there? Knock it all down, start from scratch and this time make it more attractive with proms ,cafes.restaurants etc and more attractive buildings that actually fit in with the area.It,s such a waste that area from day one. A kid could design it better.
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Freddie….you’ll let the whole population and culture Down if you give a green light to this …to say nothing of the absolute chaos putting and underground road as well.
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STOP, STOP, STOP Ruining our Island, you have never got anything right you never will, keep your hands in your pockets leave us alone and let the Island breathe.
Stop strangling every inch of life out of this poor little battered soul, you Greedy, Greedy people.
You will never learn, Stop Look and listen, if you don’t use th green cross code then you will be run over!!!!!!
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Mr Ozoufe
New you were oout off touch
Now you have just connfirmed it….
Out of touch, get real
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when will you start something and finish it.
everything you start, you never finish.
You are a JOKE as is your mate T.L.S.
not even worth his title of “C.Min”
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How easily mislead you are, read the story “The multi-million pound plan to develop a new financial centre on the Waterfront COULD be back on”
Could, also known as might or may, the headline should have been followed by a question mark. Blimey this lot could sell papers with the headline ” Elvis to play Las Vegas reunion concert” and you’d be queueing up to read it.
No facts required, that our local rag.
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This is a very worrying story if true. This project is being promoted by 2 egotistic spoilt brats who are used to getting their own way. The truth is that this development would take at least 10 years, cause massive disruption and turn the rest of St Helier into a ghost town. I am reliably informed that the proposed subterranean works ie the underground road and carparks simply are not viable, the officers at TTS know this but are being bullied by these 2 politicians. The underground air quality, fire safety and security issues are a huge concern and will cost millions to overcome and maintain.
STOP THIS NONCENCE NOW and establish the requirements for any new development on this site.
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This car park is totally out of character with the rest of the waterfront. For a start it is the only really functional facility offering a true benefit to Islanders and with the well though out landscaping and planting looks, for a car park, quite attractive.
Like our competition authority currently travelling the world seeking business to meddle, our quasi civil servants at WEB are desperately trying to justify keeping their gravy train on the rails for a few more stops, bleeding the tax payer of millions of pounds in the process.
Our council of ministers are quick to point out that we cannot afford to give teachers and public workers a pay rise yet continue to pay these guys obscene amounts. Why is TLS and his cronies so afraid to tackle the real issues dragging our Island down?
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Treasury Minister Philip Ozouf’s foresight as Jersey’s Chancellor of the Exchequer, doesn’t appear to be that great.
The term ‘delisions of grandeur’ springs to mind and Mr. Ozouf needs to wake up and smell the coffee – there is obvious potential for a continuing major downturn in the finanace industry. £350 million would be better spent and health, public safety and welfare.
.
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Let the see reclaim it back – we don’t need the waterfront and the views would improve considerably.
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Great idea. Lets continue to support finance at the expense of our public services! What a surprise!
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I have a name for it the TITANIC QUARTERS. If these politicians go for it against nearly everyones’ opinion then they must be very dim mustn’t they? My message to P.O. -DO NOT TOUCH THIS WITH A BARGE POLE.
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What fantastic news.I bet Dandara would like to build it (especially if the taxpayer is paying for it).When the plans are drawn up,make sure to call it ‘iconic’,that way Mr.Cohen would have to pass it.Go on Freddie,do your best,you know we all really want it and you’re such a good judge of modern architecture.Plus all Dandara’s East European labour can rent their empty apartments,killing two birds with one stone.Fantastic.
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They don’t say if these financial institutions and banks would be vacating other premises to move into the Waterfront, or if these would be new or growing business ventures?
Surely that matters, or is it okay to build more units just to have others left empty for years?
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Rather than risk the tax payers money financial institutions should be invited to bid for sites on long leases. This would give the tax payer an idea as to the demand. Let the banks ect. take the risk. It must be remembered that we are still in recession and that the bidding may be somewhat lukewarm at the moment. We would also need a superb and complete presentation not this fighting between States Members to see who can get the most brownie points. Phillip, we cannot go any further until Freddie gives consent, Oh! I d’ont want a punch up. You and I pay these people, no wonder the despondency at election times.
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Personally I dont drive into work and park. I am, hoever, fully aware of how difficult it can be to park in town for a full day.
The States have decided that the Gas Place car park will be closed to make a new park. The plan was for the other long stay car parks, the esplanade one in particular, to soak up the cars from that closing car park
So what happens if both Gas Place car park and the Esplanade car park close? Where are people going to park? It’s going to cause many people a whole lot of problems.
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The boy Ozouf claims there are interested parties for the waterfront..doesn’t say how many or how interested…this idea wll be put over as “The finance industry is essential so we musty build it” Are we to believe that large financial institutes sit around their boardrooms and come up with.”Right we’ll locate ti Jersey lads,BUt and it’s a big but only if we can have an office in a wind tunnel on the waterfront at At least £45 quid a square foot,c’oz that will impress our punters who will then give us more of there money to look after…..? meanwhile back in reality…this is a folie de grandeur that we should not even consider in the current economic climate…especially as the rest of the town is dying….look how busy the new hotels down there are not.
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Does one never learn or listen to the Jersey public.
Why keep supporting the finance time to look to new industries
Leave the finance where it is hopefully downsizing
DO NOT BUILD ON THE WATERFRONT
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Congratulations to Philip Ozouf for showing exactly why he is unelectable for any further term in political office during the 21st Century.
Astoundingly myopic is the only phrase that leaps to mind about this latest “vision” of his.
I despair, I really do.
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As you come through the Tunnel onto the roundabout on Green street. There is a big office built on the corner. I dont know about now, but i remember driving past there for what seemed like years and never once saw anyone in there.
I imagine this is what the waterfront will look like. loads of offices but no one to fill them.
To be honest with you im all for the plan. I think as long as we keep our countryside as it is.
If st helier is the capital of a “finance centre” then lets get it looking like one!
As long as you can fill the offices then i say go for it
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I just want to know where I am going to be able to park?
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Have we all forgotten plan “B” to sell, the wonderful planning headquarters on South Hill to developers. To be very thoughtful and correct and base the planning department, plus Jerseys army of civil servants in new offices.
Is this a Joke ? Sadly not, Senator Cohen has suggested that the island quarters new offices would be ideal for renting by the States in order to update the working environment for the dated offices that are now occupied by the public sector. Should financial institutions show little interest.
This is what’s really going on.
Offices built on publicly owned land by a private developer by an arms length quango subsidised again by the islanders through loss of car park etc. Then a 150 year lease granted to the States of Jersey administration, for top scale rents for said new offices, paid for by an increase in taxes.
Finally, the UK is borrowing £475 million pounds a day. When the general election is over, the financial institutions as with all of England’s businesses will be hit hard by heavy taxation and other devices, to claw in money?
It is ridiculous to speculate that the finance sector will grow and return to normal health given the colossal UK Government dept, and the servicing of that dept given that whoever wins the election will have to service the deficit. I would suspect Jerseys CoM will have some understanding of this.
Davey.
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Philip says that nothing can be done unless Freddie agrees, when was that ever going to be a problem? these people live in each others pockets.
There are at least 250 empty car parking spaces in Pier Rd. car park even on a working day, people are reluctant to use it as it means a walk up the hill in the evening.
When our Phil eventually gets the C.M. position,and he will, it will be a dark day in Jersey politics, perhaps he does not know that over 300 jobs were lost in the banking industry last year.
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Seems like an ideal site for a third supermarket to me. The customer car park is already there.
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rather a fluff piece of PR for the CoM, imo. does the communications dept. just hand out statements and JEP publishes them?
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To all those disillusioned, disgusted or disappointed with this, or any other of the many CofM failings, remember to vote in the next elections (and by-election)
Otherwise, nothing changes.
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Ugh, give us a shopping centre instead. Pleaseee! Keep the parking, build up and give us more Restaurants and shops. Bring over Nando’s and TGI Fridays, bring the ridiculously placed Starbucks into town and perhaps a Primark, H&M, Zara, Office, River Island wouldn’t go a miss either..
Or put back the trampolines, mini race course and even an arcades place and give the kids something to do again.
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Vote’em out – A few years ago I would have agreed wholeheartedly with your comment but after the last election, seeing just how dysfunctional the “opposition” are I am sure that any change would not be for the better.
The answer is to stand yourself if you are sure you can do a better job, and don’t forget you are up against very experienced civil servants earning a 100k more than you, or convince somebody else with such ability to give up their highly paid career or business and stand. For £40k it’s a no brainer so just be happy with what we have got.
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Will the great and mighty actually tell us whether new businesses are moving in or if companies are merely going to move and leave other (less attractive?) units vacant. Surely we have a right to know that? If we are building new units to leave other units empty that is a big difference to having all units (new and old) occupied.
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Face the facts people, the finance industry has already weathered the storm, and it is back on the rise. Jersey did better than most (Swiss/Guernsey/London/New York and Cayman) in the recent turmoil, and is best place to build on the solid reputation t has managed to build.
I say go for it, and leave the squabbling rabble to themselves, or better still, let’s give them a couple of hundred quid each to bugger off for good on a one way ticket.
How miserable you must be to wake up each day full of such negative thoughts. Poor, poor old lot you are.
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Real Truth Seeker – Honestly, putting positive and sensible fact-based comments on this forum, how very dare you!!
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The Real TruthSeeker what about getting finance to leave and replacing it with an independent renewable energy sector that could provide plenty of jobs and a lot cheaper energy bill for Joe Public?
I would say concrete over the Minquiers and put finance there but that would be unfair on the marine life.
For Jersey to be reliant on something which is becoming more of an issue worldwide is not clever in my book, but there you go, such is the intelligence of those running the show.
By all means pretend all is well some however can see the writing on the wall, all it will take is a bit more time IMHO. Then where will Jersey be? It will be a time of headless chickens in tumbledriers, and sub prime will be seen as walk in the park.
I would much prefer consigning finance to the dustbin of Jersey’s history before someone else has a go. However it appears many on here are happy for the same old same old. It couldn’t be because they don’t want their relatively easy lives upset by having to learn new tricks in a different field?
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34 Namestealer: you really are full of it Huh…people wanting preservation of quality of life and environment and who are prudent are not squabbling rabble That is silly college boy talk….and if you are educated you should know better, unbridled materialism is cancerous and the whoreing and baying to money regardless has actually reached obscene levels. code ,loyalty,integrity, being actually what you claim,that takes real savvy..that builds communities that are unified not fractured and scattered as this one is….look what a compost heap the U.K. has become …and you want all that here….insatiable expansion of population..brings a magnification of social ills along with it….greed ,fear ,robbery violence.unbearable living costs..we do not want it here and will continue to resist it…Go away.
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The fact is banks are still going bust in America, but it is true that the gang of four high street retail banks are doing ok due to less competition, in the market.
However this is only part of the story, I do wish the phoney The real TruthSeeker would use his own brain and name, rather like truthseeker 37. who I have read many times.
Sorry the point being that the conservatives want to break up the big banks and labour being a heavily socialist gang will pay for Britains spiralling debt pile by any means possible. That includes hammering wealthy offshore finance centres, and well off bankers ( 50% tax on earnings over £150,000 ) It is ridiculous to have all our eggs in one basket.
Its about time Jerseys economic leaders faced up to the fact, times they are a changing and not to Jerseys advantage in the finance industry, the Waterfront office complex tells us more about developers aspirations and profits rather than what’s best for Jerseys future.
Call me cautious, WEB neeed to circulate to all states members deposits taken and businesses that will sign up,together with contracts as proof. Thus showing real value,not five years free rent or other such perks.
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Jersey is financially sound due to the finance industry. If it were not for the finance industry, Jersey woudl be like Sark. If that’s what you want, I woudl happily pay for a one way ticket for you lot. Face up to the facts the finance industry is here to stay, Jersey benefit from it hugely, and so will I for years to come. If you don’t like it leave, thankfully we have elected reps who know what is good for this place, and not lead by monkeys liek half those here who want to go back to the 1920′s, and rely purely on tourism (gone), and digging up potatoes!
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I hope someone has actually done the numbers before they build this thing. If they really believe it will be filled up by international finance firms then fine, but we are not New York, London or Hong Kong.
Bright shinny new buildings tend to get filled to the brim in those cities by finance firms but I am not convinced the same would happen here!
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chris (29) . does the communications dept. just hand out statements and JEP publishes them?
Yes Chris, there is no rhyme nor reason behind this story. Why on earth should or Treasury Minister have anything to do with this when there is no developer or hard cash?
Nice project, but no public money or guarantees; PLEASE!
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Adrian (36) what about getting finance to leave and replacing it with an independent renewable energy sector
Sorry Adrian, too much common sense and no work for the lawyers. We just have to hope our Environment Minister sees GREEN rather than talks GREEN.
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If it gets built, 1/3 would be filled by companies moving down there, keaving 1/3 more emprty places around town, the rest would be vacant like that place at the end of the tunnel.
I cant remember that office ever having anyone in it.
They should just knock it back down !
Which is what will be said of the “Business District” in 20 yrs.
This is Jersey, not New York – some of our politicains have serious delusions of grandeur.
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