JDC Buying The Waterfront Complex

Wednesday, 24 October 2018 11:54

The States-owned Jersey Development Company is buying the Waterfront Leisure Complex.

The 3.6 acre site is currently home to the AquaSplash swimming pool, a gym, cinema, arcade and several restaurants.

Lee Henry from the JDC says the use of the land will be reviewed, which could eventually mean rebuilding the cinema and swimming pool, or moving them elsewhere:

“The WLC complex plans were drawn up in the late 1990s, and since then then the plans for the remaining site have changed significantly. Whilst the leisure complex is well-used, it’s also been fairly widely criticised that it’s more akin to an out-of-town retail park than something you would see on a prime waterfront site.”

It will be ‘business-as-usual’ for the time being though, as the leases on the existing facilities don’t run out until 2027.

JDC has not disclosed yet how much the complex is costing.

“The purchase price is remaining confidential at the moment, but once the transaction passes through the Royal Court – which we anticipate to be before mid-November – the price will then be publicly available.”

The Treasury Minister has signed a Ministerial Decision giving JDC the authority to borrow the money from a bank to pay for it.

“This is a great opportunity to acquire a commercially self-sustaining site, and at the same time secure a prime site for future development” – Deputy Susie Pinel.

Rental income from the businesses on the Waterfront will cover the interest and capital repayments.