Esplanade Quarter, St. Helier - Masterplan

STATES OF JERSEY

ESPLANADE QUARTER, ST.  HELIER: MASTERPLAN

Lodged au Greffe on 16th April 2008 by the Council of Ministers

STATES GREFFE

PROPOSITION

THE STATES are asked to decide whether they are of opinion

( 1 ) ( a ) t o endorse the intention of the Minister for Planning and Environment to adopt the

Masterplan for the Esplanade Quarter as an agreed development framework for the Esplanade Quarter;

(b ) t o a pprove the acquisition on behalf of the Public of the leasehold interest in an area of

land which is held by AXA Sun Life Plc. situated at the rear of the Leisure Centre complex which forms part of the site of the Esplanade Quarter, measuring approximately 500.60 square metres as shown for identification purposes hatched black and marked "Land to be acquired subject to discussions with landowner" on Drawing Number P 580 97 (attached at Appendix 1);

(c ) t o ag ree that, if it is not possible to agree with AXA Sun Life Plc. that it should sell its

interest in the land referred to in sub-paragraph (b) above at a fair and proper price, the Minister for Planning and Environment should be empowered in exercise of the powers conferred by Article 119 of the Planning and Building (Jersey) Law 2002 to acquire such interest in land and any other interest therein by compulsory purchase on behalf of the Public in accordance with the provisions of the Compulsory Purchase of Land (Procedure) (Jersey) Law 1961, as amended;

(d ) t o a u thorise the payment or discharge of the expenses to be incurred in connection with the

acquisition  of  the  interest in  land  and  any  other  interest  therein  referred  to in  sub- paragraphs (b) and (c) above and the repayment of all legal expenses; and

(e ) t o a u thorise the Attorney General and the Greffier of the States on behalf of the Public to

pass any contracts which might be found necessary to pass in connection with the acquisition envisaged by this paragraph (1);

(2  ) (a ) to approve the acquisition by the Public of the parcels of land and any interest therein

comprising part of the Esplanade Quarter site currently vested in Waterfront Enterprise Board Limited or its subsidiaries and, in consideration therefor, to approve the leasing by the Public to Waterfront Enterprise Board Limited of the entire Esplanade Quarter site shown for identification purposes edged black on drawing number P  580  97 (attached a Appendix  1) by way of a lease for 150  years at a nominal rent;

( b ) to a uthorise the Minister for Treasury and Resources to agree the detailed terms of the

acquisition and the lease referred to in sub-paragraph (2)(a) above with Waterfront Enterprise Board Limited; and

(c ) t o a u thorise the Attorney General and the Greffier of the States on behalf of the Public to

pass any contracts which might be found necessary to pass in connection with the acquisition and the lease envisaged by this paragraph (2).

COUNCIL OF MINISTERS

Note:  The Masterplan document referred to in this Proposition is published separately.

REPORT

1. B A  CKGROUNDTOTHEMASTERPLAN

1. T h e areawhich is the subject of the Masterplan straddles the boundary between the present town of St. Helier and the area of the waterfront,which is not yet the subject of development. This areahascome to be known as the EsplanadeQuarter. It isshown for identification purposes edged black ondrawing number P 580 97 attached at Appendix 1.
2. A number of masterplans have been developed for this area over the past 10 years which, without exception, have attracted significant public opposition for variousreasons. A summary of the history of the various masterplans is set out at Appendix 3.Followingthe introduction of Ministerial Government and appointmentofSenator F.E. Cohen as Minister for Planning and Environment, Mr. Chris Shepley, CBE was appointed to carry out a review of the waterfront area. Mr. Shepley recommended the appointment of an architectural "supremo" to ensure that anyproposals were ofthe highest quality. Following a selection process, Hopkins Architects Limited was commissioned by the Minister for Planning andEnvironment to produce a waterfront masterplan which would be a further articulation of the draft Supplementary Planning Guidance in relation to the waterfront areaissued in 2006 (referred to at Appendix 3).
3. H o pkins Architects Limited is one of the top architectural practices in Europe and has won many international accolades for its pioneering, oftencomplex, high quality projects.In consultation with the Planning andEnvironmentDepartment, the practice has developed a masterplan ofthehighest quality for the future developmentof the EsplanadeQuarter.It has been amendedfollowingpublic consultation, and the final version,which the Minister for Planning and Environment proposes to adopt, is enclosed as a separate document (the "Masterplan"). It is intended that the Masterplan will be independentlyreviewed by a world renowned architect.

2. A  P PROVALOFTHEMASTERPLAN

1. T h e Masterplan proposes that the Esplanade Quarter bedeveloped so that it incorporates a diverse range of uses and creates a lively residentialandbusinessarea with plenty of open space and facilities for visitors and locals to enjoy at leisure. Thedevelopmentmustbeof the highest quality. Buildings will be constructed toan average maximum height of 6  floors. Apartments for local residents, office space, a hotel, self-catering apartments, public squares, boulevards and openspace,shops,restaurantsandbars, and 2  levels of underground parking are included in the Masterplan.
2. A boutique hotel and self-catering apartments will represent a significant investment in high quality accommodation for Jersey's tourism industryandthe waterfront will present a new focusfor visitors to the Island. The new public squares, open tree-lined boulevards and landscaped open spaces will be accessible andenjoyablebythe young and old. Pedestrian comfortandeasy accessibility are crucial aspects oftheMasterplan.
3. L o calsandvisitors alike, ofall ages, will be able toenjoy the newshops, cafés, restaurantsandbars.The Masterplan envisages that such new retail space will complement,notcompetewith, the existing town and bring life and vitality to the area.There will beshops providing for the needs of residents and office workers in the waterfront areaand specialist shopping likely toappeal to visitors.
4. T h e Masterplan provides for nearly 400 newapartments for local residents. Newhomeswill help tomeet Jersey's ongoing housing needs and relieve pressures to open up Greenfield sites for development.Their location will encouragepeopletowalkor cycle to work, addingtothearea'ssenseofcommunity and not to the increasing pressureson the Island'sroads.
5. T h e Masterplan includes high quality office space for Jersey's thriving businesscommunity.Officespace of the floorplatesizeand quality envisaged by the Masterplan is currently scarce in the Island despite there beingdemandforspaceof this type from a numberof the largest financial and professional services

operations in Jersey. Evidence from local surveyors gathered on behalf of the Developer (referred to below)

confirmed that there were requirements for 2007 – 2009 for 560,000 – 620,000 square feet from 14 large occupiers for modern "Category A" offices in Jersey. Such evidence reported the sea change that Jersey is experiencing in occupational requirements following the consolidation of a number of substantial financial sector companies. As a result the quality and size of the current office stock is not suitable. Demand for modern "Category A" offices in Jersey is expected to increase (50,000 – 100,000 square feet per annum) over the next few years. The Masterplan's proposals will therefore satisfy the operating needs of the most demanding investors and occupiers in St. Helier and help meet Jersey's evolving business accommodation needs.

6. T h e Masterplan proposes that a section ofLa Route de la Libération (from a pointbetweenKensington Place and Patriotic Street to the current eastern end of the existing underpass) is lowered into a subterranean tunnel. The section in actual tunnel will be from the end of Gloucester Street to the eastern end of the existing underpass.Theremaining sections will be the approach slopes to the tunnel.

2 .6 . 1  T he road currently forms a significant barrier between the waterfront area and the present town

and prevents the full integration of the waterfront area with St. Helier life and commerce. This barrier will become increasingly pronounced as residential development progresses on the waterfront. Lowering the road will remove the barrier and permit the 2 areas to be seamlessly integrated and pedestrian and transport connectivity between the present town and the waterfront greatly improved. This will significantly ease and increase accessibility to the town for the 2,000 or so residents currently living, or who will be living, on the waterfront following the implementation of existing planning permissions for the area as well as residents of the Radisson hotel and conferencing facilities.

2 .6 . 2 A roundabout will be constructed in the underground part of the road providing direct access to

the underground car parking spaces. Capita Symonds, engineering consultant to the Minister for Transport and Technical Services, has confirmed that such a roundabout will be safe subject to careful attention to geometry, signing and traffic controls. The construction of the tunnel and roundabout will be subject to rigorous and continuing monitoring and supervision throughout by Capita Symonds and/or representatives of the Minister for Transport and Technical Services. The emergency services have been and will continue to be consulted extensively.

2 .6 . 3 A transport assessment carried out by engineering consultants Faber Maunsell (on behalf of the

Developer referred to below) and validated by Capita Symonds and the Department for Transport and Technical Services has concluded that the road network in and around the development area will be able to cope with predicted traffic flows; however it did identify potential traffic capacity problems at the West Park junction and through the tunnel under Fort Regent along La Route du Fort. Improvement works to the West Park junction of Victoria Avenue and La Grande Route de St. Aubin and implementation of a computer-controlled traffic signal linking system to improve traffic flows along La Route du Fort as far as Georgetown are included as part of the Masterplan and are to be carried out as part of the development.

2 .6 . 4 D uring the development there will principally be 2 phases of temporary traffic management. The

first phase will cause little or no disruption to the flow of existing traffic and will be in place for approximately 2¼ years. The second phase will be more disruptive but will only be in place for the remaining 9  months of road construction. Whilst the second phase will disrupt road users, it is envisaged that the actual delay to journey times will only be a matter of minutes.

2 .6 . 5  T he 520 public car parking spaces at the current Esplanade car park will be replaced within the

basement car park of the new development. The existing spaces will be removed as soon as works commence on site and, subject to obtaining the necessary permissions, a temporary car park will be created on the current surface level car park at Elizabeth Terminal for approximately 320  cars. Spare capacity at existing public car parks will absorb the remaining 200  cars. The permanent public car parking spaces to be created as part of the development will be completed within 3  years of the development commencing.

2 .6 . 6 T he estimated long-term annual cost of maintaining and servicing the tunnel is £500,000 per

annum. This cost consists of 2 main elements: (i) the cost of electricity to power lighting and ventilation; and (ii) the cost of maintaining the fabric of the tunnel (including maintenance and replacement of ventilation plant, lighting, signage, cleaning and maintaining the roadway). Whilst the long-term annual cost is estimated to be £500,000, the cost for the first 5 years of use of the tunnel will be significantly less and consist primarily of providing power for lighting and ventilation and cleaning services.

2 .6 . 7  T he cost of maintaining the fabric of the tunnel and providing power will be met (as usual) by the

Department for Transport and Technical Services. It should be noted that at present the Department has not been allocated a budget from which to fund this ongoing obligation. It is proposed that the appropriate allocation will be included in the Department's annual budget from 2012 onwards, when the tunnel first comes into use. This allocation will be funded from States general revenues.

2 .6 . 8 W hen the development is fully occupied it will provide an estimated 57 million additional rateable

quarters. As the total contribution from the Island-wide rate is fixed, the charge per quarter will reduce proportionately, in this way reducing the cost of both domestic and commercial rates. Based on 2007 values, the increase in quarters would equate to a saving of approximately £540,000 in the existing Island-wide rates. Therefore, if States general revenues needed to increase to fund the tunnel from 2012, this could be achieved by offsetting the reduction in the Island-wide rate with an increase in other income-generating measures with minimal, if any, increase to the overall cost to business or households.

7. T h e development will connect theexistingtown with St. Helier's attractive harbour area, anarea for recreation, relaxation and increasingly an areainwhichpeoplelive. It will gradually result in some businesses moving to theEsplanadeQuarter from the existing townand this migration will act as a catalyst for future investment inand the regeneration and reinvigoration ofsomeof the older and run- down parts ofSt. Helier. The Masterplan envisages that regenerationof parts of the existing town will provide opportunities for development of residential accommodation of all types, contributing significantly to the Island'songoinghousing needs. It is consistent with the "Strategy for the Future Developmentand Regeneration of St. Helier" published as part of the EDAW report in March 2007.
8. T h e EsplanadeQuarter will be linked to the redesigned Les Jardins de la Mer gardens resulting in the waterfront, gardens andnew public squares being seamlessly integrated with the existingtown. The development will require Les Jardins de la Merto be closed for 2 to 3 years to allow constructionof new roads. However, the reinstated gardens will be significantly enhanced.
9. T h e Masterplansets out standards of excellence for design and provides strict guidelines for building layout, heights and materials to ensure the development is constructedtothe highest standard. It demands that eachcomponentofthedevelopment is builtto the highest environmental standards andthe materials used sustainableandclimate-proof. It proposes that buildings will besetaroundcolonnaded squares to provide shelter from wind andrainand places for people to sit andenjoy the public spaces. Granite will be animportant feature and the existing seawall will be incorporated in the development. The Minister for Planning and Environment has already appointedthe Waterfront DesignGroup,whichcomprises various local experts, to carry outan independent review oftheMasterplan,and local experts will continue to be appointed throughoutthedevelopment to ensuretheEsplanadeQuarterisdesignedtoreflect the high standards ofJersey's architectural heritage, albeit in a contemporarycontext.
10. T heEsplanadeQuarter is expectedto take approximately 7 (not more than 10)yearstocomplete.The proposed layoutof the EsplanadeQuarter as set out in the Masterplan lends itself well todevelopment over such a period. Thearea will bedevelopedinphases and the undeveloped areas will,until their respective development,be areas oflandscaped attractive open space for the Public to enjoy.
11. T heMasterplan proposes that a sustainablewastemanagement plan will be adoptedwhichdemonstrates

the highest achievable level of recycling of extracted material and best practice for the removal and disposal of

such material. As much extracted material as practicable will be recycled on-site, while any remaining extracted material will be deposited at La Collette.

12. I n accordancewith the States EconomicGrowthPlan, the Esplanade Quarter development will help Jersey meet its objectives ofeconomicgrowth with low inflation. Developmentinaccordance with the Masterplan will generate new investment for the retail, leisure, tourism and finance industries, at the same time releasing existingpressureson residential and office space thereby preventing overheating.
13. T heMasterplan has been subject to a wide public consultation exerciseto enable people to express their views. This has included a public exhibition, a public meeting and extensive media coverage. The Minister for Planning and Environmenthas carefully considered the representations madeandsubsequent comments given and the Masterplan has been amended accordingly. The Minister for Planning and Environmenthasrecentlypublished the outcomeof this public consultation exercise.
14. It is proposed that the States endorse the intention ofthe Minister for Planning and Environment to adopt the Masterplan for the Esplanade Quarter as an agreed development framework for the Esplanade Quarter. The Minister for Planning andEnvironment will then assess any applications for developmentof the area against the Masterplan and require that any such development is in accordance with the requirements oftheMasterplan.
15. A detailed design code has been commissionedwhichsets out the designelementsand materials required to be used toensure the EsplanadeQuarterdevelopmentis of the highest standard.

3. C  O MPULSORYPURCHASEOFPARTOFTHESITE

1. P a rtoftheEsplanade Quarter site is currently leased to AXASun Life Plc ("AXA") pursuant to a lease granted by the Public for a term of 150 years. The part of the site subject to the lease is shown for identification purposes hatched black and marked"Land to be acquired subject to discussions with landowner" on drawingnumber P 580 97attached at Appendix 1.
2. T h e Masterplan envisages that this land will form part ofthedevelopmentsiteand will be used in connection with the construction of the tunnel and toprovide a new surface road. It is proposed therefore that the land is taken back into publicownership and ultimately leased to WaterfrontEnterpriseBoard Limited (the "Board").
3. T h ere are norightsunder the lease permitting thePublicto take back this land. The Board has written to AXAon 3 occasionsto notify it ofthe Board's interestin the land and requesting dialogue regarding the potential sale of its interest, however it has not received a response. It is proposed that the Board continues toseektocommencenegotiations with AXA for thepurchaseofAXA'sinterest in the land by the Public at a fairandproper price.
4. In the event that the parties do not reachagreementon a surrenderorpurchaseat a fairandproperprice, the Minister for Planning and Environmentseeksagreement from the States that theMinistershouldbe empowered to compulsorilypurchase the land under Article 119 of the Planning and Building (Jersey) Law 2002 for thepurpose of improvingJersey's general amenities (Article 2).

4. G  R ANTOFLEASES

1. T h e Board isproposing to enter into a developmentagreementto give effect to the Masterplandeveloped for theEsplanade Quarter with its preferred bidder,HarcourtDevelopmentsLimited(or a wholly owned subsidiary of Harcourt Developments Limited) (the "Developer").
2. A summaryof the financialandothertermsofthe proposed developmentoftheEsplanadeQuarter in accordance with the Masterplan and designcode has been provided by the Board and is attached at Appendix 4.

3. O w nership of the Esplanade Quarter site is currently madeupof a numberof parcels of land as set out below:

4 .3 . 1  s ubsidiaries of the Board own the freehold of 4  parcels and any interest therein. These are shown

for identification purposes shaded with dots and marked as "A", "B", "C" and "D" on drawing number P 580 99 attached at Appendix 2;

4 .3 . 2  t he Board has long leasehold interests in 2  parcels pursuant to 2  leases granted by the Public. Both

parcels are shown for identification purposes hatched black and marked "Esplanade Site" and "Les Jardins Site" respectively on drawing number P 580 99 attached at Appendix 2;

4 .3 . 3  t he Public owns La Route de la Libération; and

4 .3 . 4 A XA has a lease of one parcel which is shown for identification purposes hatched black and

marked "Land to be acquired subject to discussions with landowner" on drawing number P 580 97 attached at Appendix 1.

4. I t is proposed that upon the purchase of the leasehold interest of AXA, the Public acquires for nil consideration the parcels of land and interests therein referred to in paragraphs4.3.1 and 4.3.2above which form part oftheEsplanade Quarter site.
5. In consideration for such acquisition, a newleaseofallof the land comprising the EsplanadeQuarter (shown for identification purposes edgedblackondrawingnumber P 580 97 at Appendix 1) will b granted by the Public to the Board for a term of 150 years at a nominal rent for the purpose of implementing the Masterplan.The Board will pay a premium for such lease equivalent to the total costs, if any, incurred by the Public in acquiring the leasehold interest ofAXA.
6. T he lease will contain provisions providing for the land comprising the highway works to be automatically excluded from its demise upon completionofthesesaidworks.Any land relating to these highway workswill revert to theownershipof Property Holdings but under the managementof the Minister for Transport and TechnicalServices as highways authority. The Minister forTransportand Technical Services will assume responsibility for maintenance of such section of La Route de la Libération (subject to the Developer's ongoing liability for latent defects, etc.). A highway works agreement will set out extensive provisions in respect of the developmentof the tunnel, road network and associated infrastructure and the Minister forTransport and TechnicalServicesorhis representatives will participate inthenegotiationof such terms and the monitoring ofsuchdevelopmentworks.
7. F o llowinggrantof the lease to the Board, the Board envisages granting one or more150 year sub-leases of theEsplanade Quarter tooneor more wholly ownedsubsidiariesof Harcourt Developments Limited at a nominalrent.

5. C  O NCLUSIONS

T h e Masterplan provides a robust framework in which the Esplanade Quarter can be successfully and

sustainably developed. It will enable the provision of a boost to tourism, high quality office space, some of the planned for additional housing units and many other important public amenities and infrastructure projects agreed with the Minister for Planning and Environment. This proposition has the ability to move the development of the remaining area of the waterfront forward as never before and deliver substantial benefits to the Island. The Council of Ministers therefore commends the proposition strongly to the States.

6. F I N ANCIALANDMANPOWERIMPLICATIONS

T h e f inancial implications are set out above and there are no manpower implications for the States arising

out of this proposition.

BACKGROUND TO THE MASTERPLAN

1990  Proposals prepared by the Waterfront Advisory Group were adopted by the States.

1992  Specific proposals based on the 1990 proposals were produced by Andrews Downie and Partners, which

were substantially adopted by the States.

1995  The Waterfront Enterprise Board was established by Act of the States.

1996  Waterfront Enterprise Board Limited was incorporated on 21st February 1996 with articles of association

stating that the objectives for which it was established were "(a) to promote, co-ordinate and implement a comprehensive strategy for the development of the St. Helier Waterfront area as shown on Map No: -392 approved by the States on 10 November 1992 [P.123/1992]"; and "(b) to exercise administrative control over the use of the land and the adjacent shore and water areas in the Waterfront and to liaise and consult with the relevant committees of the States of Jersey and other governmental and regulatory authorities in relation to investment in infrastructure projects in and development of the Waterfront".

2000 The Planning and Environment Committee commissioned Howarth Tomkins Architects ("HTA") to

produce a Waterfront Design Framework. HTA, as part of this commission, consulted the community through a weekend-long design workshop (Waterfront 2000) in order to inform the development of a revised draft Waterfront Design Framework.

2001  Drivers Jonas assessed the financial viability of the Waterfront Design Framework and identified a major

budget deficit in the proposals. The St. Helier Waterfront Masterplan, produced by Michael Felton Landscape Architects for the Board, updated the proposals of the Waterfront Design Framework produced by HTA and sought to address some of the economic concerns.

2002  The States approved the lease and sale by the Public to the Board of a number of parcels of land located

within the St.  Helier waterfront area (P.45/2002).

2002  The Island Plan was adopted.

2004  The States of Jersey Strategic Plan 2005–2010 was agreed by the States. The development of the St.  Helier

Waterfront was seen as an opportunity to secure something that could contribute to the economic well- being of the Island but which could also ensure that its unique identity, character and culture was reflected and bolstered.

2004  A development brief for Esplanade Square was agreed by the Planning and Environment Committee. 2005  Draft proposals for the 3 remaining principal development sites were published by individual developers.

2005  The Commission for Architecture and the Built Environment (CABE) carried out a review of the schemes

with a view to assisting the Environment and Public Services Committee to complete an assessment of the different developments and establish a strategy for analysing the implications of the projects.

2006  Draft Supplementary Planning Guidance was published in relation to tall buildings (provided by Peter

Sandover) together with draft Supplementary Planning Guidance in relation to the Waterfront Development Framework. Both documents went out to public consultation. A public forum to discuss both documents was held. Subsequently a report was prepared by Chris Shepley.

2006 Following a selection process, Hopkins Architects Limited was commissioned by the Minister for

Planning and Environment to produce a waterfront masterplan.

SUMMARY OF THE FINANCIAL TERMS OF THE PROPOSED DEVELOPMENT OF ESPLANADE QUARTER

Harcourt Developments Limited (or one or more wholly owned subsidiary(ies) of Harcourt Developments Limited) will be granted one or more 150 year sub-lease(s) by Waterfront Enterprise Board Limited (the "Board") of the Esplanade Quarter site, shown for identification purposes edged black on Drawing Number P 580 97 attached at Appendix 1. If more than one su-blease, each will be on virtually identical terms. In return for such sub-lease(s) Harcourt Developments Limited (or a wholly-owned subsidiary of Harcourt Developments Limited) (the "Developer") will make payments of £50 million to the Board, build a mixed-use development on the site in accordance with the finalised masterplan, design codes and development agreement and deliver significant infrastructure benefits. The payments will be made in 3 tranches over an 8 year period. These payments are guaranteed either from a bank of good financial standing or by way of an acceptably rated insurance bond. They are based on independent valuations and, backed by the guarantees, represent no risk to the States or the Board.

The proposed development includes significant new public open spaces and squares that will be paid for (and maintained) by the Developer as part of the overall scheme. Combined, these public areas are 5  times the size of the Royal Square and include a main square and a covered winter garden (both of which are comparable in size to the Royal Square).

In addition, the Developer will carry out and meet the cost of associated infrastructure works. These works include sinking a section of La Route de la Libération below ground and constructing an underground tunnel; installing traffic management improvements; providing appropriate support to public transport services; and reinstating and enhancing Les Jardins de la Mer. The costs associated with the infrastructure works have been ascribed a value of £45 million and the Developer will provide a financial guarantee in this sum in order to fund the completion of such works in the event that the Developer defaults. Such infrastructure works will greatly ease pressures on the immediate surrounding residential and commercial areas and benefit the Island as a whole. The future maintenance of the infrastructure will be undertaken as usual on behalf of the Minister for Transport and Technical Services at an estimated long-term cost of £500,000 per annum. This cost will be met from States general revenues and, if necessary, income generated by increases to offset savings to business and households resulting from associated reductions to the Island-wide rate.

If the values at practical completions exceed certain trigger values as set out in the development agreement, the Board will receive a 33% share of the increased value in the form of overage payments. Assuming inflation at 4% per annum is reflected in capital values, these additional sums could total £25 million, but are subject to future market conditions and consequently the overages are not guaranteed.

In summary, the total value the States will receive in monetary terms is a minimum of £50 million excluding the overage payments or £75 million including the potential overage payments, together with substantial non- monetary benefits by virtue of the infrastructure works that the Developer will carry out and pay for, which have been ascribed a value of £45 million.

The terms of the development agreement the Board proposes to enter into with the Developer include various remedies available to the Board if the Developer was to commit certain types of default. The development agreement will require the Developer to complete the development within a certain timeframe and the Board will have step-in rights (subject to any funder's prior right to do the same) to complete the development should the Developer fail to do so in accordance with the terms of the development agreement.

A review of the proposed waterfront development was carried out by the Corporate Affairs Scrutiny Sub-Panel and presented to the States on 21st January 2008 (S.R.2/2008). The independent advisor to the Sub-Panel advised that he was satisfied that the process which had been followed leading to the revised proposals for a land transaction deal between the Board and the Developer had been carried out professionally and with due regard to obtaining value for money for the public. The Sub-Panel concluded that it was satisfied that the process of negotiations with the Developer complied with good commercial practice.