Waterfront's Horizon development release 196 new homes into the market
The second of three residential apartment buildings at St Helier Waterfront’s Horizon development has now been completed, the development has released 196 new homes into Jersey’s property market, to date, this year. More than a quarter of these new homes have been purchased by first-time buyers.
The development is being delivered in three phases and will provide 280 apartments on the last marina facing plot between Castle Quay and the Radisson Hotel.
The scheme is being delivered by Jersey Development Company (JDC), the Government of Jersey’s regeneration arm and joint venture partner Groupe Legendre.
Lee Henry, JDC’s CEO commented: “We’re delighted to have reached the second major milestone in the delivery of this significant project that will add 280 new homes into the local residential market. Groupe Legendre has delivered to a very high build quality and has dealt admirably with the adversities that it has been faced with in building out this project.”
Luc Richard, Director at Groupe Legendre commented: “We’re proud to be a joint venture partner and lead contractor for this scheme which is delivering a significant number of affordable homes in Jersey. Faced with the twin challenges of Brexit and the COVID-19 pandemic, we’ve had to be flexible and proactive in adapting to changing circumstances and this has been made possible thanks to a strong team made up of individuals from Jersey, France and the UK.”
The Bridging Island Plan that establishes the Island’s planning policy to the end of 2025, sets a requirement for 2,700 Open Market (non-subsidised) homes to be completed by this date along with 1,400 Affordable (subsidised) homes. To address the challenges in the local housing market, the supply of new residential accommodation across all tenures is essential to deliver stability in prices, both to purchase and to rent. Along with mixed-use regeneration, JDC’s focus is supporting the delivery of Open Market homes with Andium Homes focusing on subsidised (Affordable) housing.
From the two completed buildings, 51 apartments have been purchased by first-time buyers. Of those, 42 were able to secure their first home using JDC’s First-Time Buyer interest-free monthly deposit payment plan. The payment plan offers first-time buyers the opportunity to secure an apartment with an initial £2,000 reservation fee and the balance of the 10% deposit paid in monthly instalments over the build programme enabling locally qualified ‘Entitled’ purchasers the ability to secure their home while renting or still living with parents.
The new neighbourhood also offers an opportunity to food and beverage retail businesses to capture the year-round footfall from the nearby residents and the adjacent thriving business district. 11 ground floor units ranging from 800 sq. ft. to 3,000 sq. ft. will be available with four of the units having the benefit of al fresco dining areas situated within two new pedestrian streets designed to improve connectivity to the promenades and Elizabeth Marina.
The third Horizon building is due to be completed later this year adding another 84 new homes into Jersey’s property market.