The official version of this document can be found via the PDF button.
The below content has been automatically generated from the original PDF and some formatting may have been lost, therefore it should not be relied upon to extract citations or propose amendments.
11
1240/5/1(469)
WRITTEN QUESTION TO THE MINISTER FOR TREASURY AND RESOURCES BY SENATOR S.C. FERGUSON
ANSWER TO BE TABLED ON TUESDAY 12TH SEPTEMBER 2017
Question
Further to his advice at a public hearing of the Corporate Services Scrutiny Panel in November 2015 that the profit arising on the completion of the first building (originally named Building 4) of the Jersey International Finance Centre was estimated by the States of Jersey Development Company as £7.5 million, and given that Building 4 was officially completed in March 2017, will the Minister confirm that this profit was achieved and, if not, what profit was in fact achieved?
Will the Minister further confirm the amount of profit after taking into account any other costs directly associated with Building 4, including the removal of contamination and incentives offered for the part-let?
Answer
Whilst the first building in the International Finance Centre - IFC 1 (formerly named Building 4) is physically complete, it is not yet fully let and has not been sold. Ultimately, it is only once the asset is sold that the value will be crystallised and the profit fixed.
The calculation of profit is made after all costs including contamination costs and the costs of commercial incentives provided to tenants.
IFC 1 is currently 70% let with a further 18% in legal hands. It is fully anticipated that the building will deliver a return in excess of £7.5m.