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  1. ITV Report

Second finance centre sells for £47.6m in Jersey

One of Jersey's biggest ever property sales has brought a £10 million windfall for the States. Credit: ITV Channel TV

One of Jersey's biggest ever property sales has brought a £10 million windfall for the States.

A £47.6 million deal sees the second finance centre building, IFC 5, sold to a local property investor.

It marks one of the biggest property deals on the island but the construction of the new finance centre in St Helier is not without controversy.

It was heavily opposed in 2015 when building began but the Jersey Development Company, the company behind the construction, say the £10.6 million profit will benefit the island as a whole.

There were a number of interested parties that were bidding for the building and the yield is an improvement on IFC 1 and it's a very good result for Jersey development company and ultimately for the island.

The profits that we make from this building will be re-invested either in public infrastructure, or will be used to acquire further development sites that will again generate, enhance returns for the benefit of islanders.

– Lee Henry, Jersey Development Company

However, some people are not convinced of the benefits.

Remember that we were promised that this new financial centre would bring new finance business to the island, it has in no way done that. All it's done is encourage people to move from other parts of the town.

– John Baker, Jersey Action Group

Although the States believe the sale shows the strength of the local economy.

This level of investment clearly demonstrates confidence in the island's future and in our thriving financial and business services sector.

– Senator Lyndam Farnham