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Treasury Minister welcomes first finance centre tenant

The development. Credit: ITV News

Jersey's Treasury Minister has welcomed the announcement that UBS will be the first tenant of the new international finance centre.

Construction of each of the centre's buildings cannot begin until a tenant is announced, so development of the first building can now get underway.

This is very positive news for the Island and its economy. The decision by UBS, a leading financial services business, to take up this lease means that the States of Jersey Development Company (SOJDC) can go ahead with the first phase of the Esplanade Quarter.

The need to have pre-lets in place before construction begins was a requirement set by the States Assembly to mitigate risk. SOJDC has the required pre-lets for Building 4, which already has all the necessary planning and other permissions, and now construction work can start.

Jersey needs to offer Grade A office space if we are to attract top quality businesses who provide valuable employment for local people and income to run our public services. Taxpayers stand to benefit from the new offices –both from the taxes paid by companies and employees, and from the profits made by SOJDC which will be used to regenerate areas of St Helier.

No taxpayers’ money is being used in the construction, as SOJDC is a limited company and is borrowing from banks, like any other developer. As with any commercial lending, the bank undertakes its own due diligence on the viability of its lending.

– Treasury Minister, States of Jersey

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