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Waterfront Leisure Complex Acquisition

The purchase of the Waterfront Leisure Complex by the States of Jersey Development Company was completed on Friday 9 November. The acquisition of the 3.6 acre site at the Waterfront, which includes the swimming pool, cinema complex, gym, arcade and various food and beverage outlets was purchased at the sum of £16.2M.

Jersey Development Company’s Managing Director said; ‘This is a significant acquisition for the Company and the States of Jersey of what is a strategic piece of land.  This acquisition provides an opportunity in the longer term to potentially redevelop the site to a higher-quality standard that is more in-keeping with a prime waterfront area. JDC is funding the majority of the purchase price through a bank loan. The rental income more than covers the interest and capital repayments on the loan during the hold period.’

The leisure complex was completed in 2003 and was the first commercial development on the Waterfront. The current sub-leases are in place until at least 2027 and therefore the site will maintain its current facilities for the foreseeable future. Any future developments plans would either maintain the current facilities on the existing site or at an alternative location. The complex will continue to be managed by D2 Real Estate.

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