The Jersey Development Company is in the process of buying the 3.6-acre plot, which includes the AquaSplash swimming pool, the Fitness First gym, the Cineworld cinema complex, the Tamba Arcade and several food and beverage venues.
Lee Henry, managing director of the JDC, said the long-term aim was to transform the complex – which was completed in 2003 – from buildings that ‘are not of the highest standards and resemble an out-of-town retail park’ into premises befitting a prime waterfront site.
Although Mr Henry would not disclose the price the JDC had offered for the land for fear of being ‘gazumped’ before it went through the Royal Court, he said it would be made public when the transaction took place, which is due to be on either 8 November or 16 November.
And he also revealed that the vendor – a large UK pension fund – had marketed the land with a £15.61 million price tag before opening up the sale to bidders.
Mr Henry said there were no immediate plans to develop the site and that any rental incomes the JDC collected from lessees would go towards the interest and capital repayments on the loan taken out to buy the land.
The leisure complex, which was completed in 2003, was the first commercial development on the Waterfront.
However, Mr Henry said that since then, there had been ‘significant changes’ in the area since the plans were drawn up for the complex.
‘The general view is that both the architecture and the quality of the materials are not in keeping with a prime waterfront area,’ he said. ‘It is more akin to an out-of-town retail park.
‘It was the first plot to be developed. The focus then was to attract footfall to the Waterfront. It was difficult to attract investors to a site that was desolate. Times have changed.
‘Now the Waterfront is being built out and there is a significant residential population down there and significant office developments taking place in the area. There is an opportunity in the longer term to potentially redevelop the site.’
Mr Henry said the JDC would look at successful waterfronts around the world and ‘cherry pick’ the best parts on a scale that fitted Jersey. He said that the best waterfronts had a mix of residential, office, leisure and retail spaces.
He also stressed that any future redevelopment plans would either maintain the current facilities on the existing site or at an alternative location.
‘The very earliest that anything could occur is in 2027, which is when the earliest break option in leases are.’
The JDC was granted permission to seek commercial funding for the site after Treasury Minister Susie Pinel signed a ministerial decision.
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.’
