Dandara criticise Finance Centre plans

Jersey's biggest private developer Dandara say taxpayers are in for a shock if the States go ahead with plans to build an International Finance Centre. They say the development is set to lose more than £70 Million.

In writing to a group of Politicians who are reviewing the proposed development on the Esplanade, Dandara say it "represents a huge risk, in financial terms, to the Public Good".

They have also flagged up that the States' Finance Centre buildings will oversaturate the market with office accommodation.

Dandara's written submission to the Corporate Services Scrutiny Panel says, "Dandara currently has 161,000 sq ft under construction (with 70,000 sq ft unlet at present) to be delivered in 2016/2017 on building number 66/77 Esplanade. Dandara will be commencing a new development in September this year to deliver a further 70,000 sq ft in 2017/2018."

The private developers recently secured major bank RBC as tenants into their own Esplanade building, which is currently sprouting up next to the Grand Hotel. It was a huge blow to the States Development Company, who were trying to win RBC as tenants.

But, despite criticism, the States Development Company continue to say that their International Finance Centre plans will bring an eventual profit to Jersey taxpayers of £50 Million.