Two private sector developments promising £370 million
worth of investment in housing and the retail and leisure sectors
demonstrate confidence in Guernsey's economy, says construction
and development lawyer Claire Smith.
The developments – by the Channel Islands'
Co-Operative Society at Leale's Yard and by Comprop at the
Admiral Park site – were given the green light at an open
planning meeting yesterday.
The Co-op development will see Leale's Yard transformed into
a "vibrant and thriving community" with 410 new homes,
476 parking spaces, retail units and an open public area.
The Comprop development will see a six-screen cinema, hotel, new
offices and a crèche built on the site, as well as 700
Claire, a senior associate in on Ogier's property team in
Guernsey, said that the investment for both schemes demonstrated
confidence in Guernsey's future economic prospects and was a
welcome sign from two long-standing local firms.
Ogier's property team is already the top ranked property
team in Jersey, and the firm launched a Guernsey-dedicated property
team led by partner Martyn Baudains last October. That five-strong
property team includes Claire, who was recruited from leading
international firm Eversheds, specialising in commercial property,
planning, construction and employment.
Claire said: "We are seeing significant levels of activity
in the property team, but these two schemes clearly demonstrate
that major players in the Island economy are prepared to invest
significant amounts in the Island economy.
"These kind of major, long-term projects that touch on
different parts of the island economy don't just demonstrate
confidence – they also provide work for the construction
sector, new employment opportunities for islanders and growth
opportunities for local firms."
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