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Work has resumed on a new office block of 67,000 sq ft at Admiral Park nearly a year after the project was paused to search for tenants.
Developer Comprop announced this morning that the six-floor building will go ahead as "the centrepiece of the entire scheme" after tenants were secured for nearly two-thirds of the space.
The building, which is the final phase of the landmark Admiral Park development on the east coast, should be able to accommodate its first tenants within two years.
The £40million project was hit by the sudden withdrawal of the Aztec Group as a major tenant last summer, but four tenants have now signed up to take most of the space on the upper floors.
WATCH: Comprop released this video alongside announcing that the project was restarting.
"After the sudden withdrawal of a major tenant during the summer of 2021, the project team were determined to see this iconic building come to fruition," said Comprop's Managing Director, Steve Marie.
"We are delighted to partner with four tenants, some of whom operate in both Guernsey and Jersey, who have signed up to take the space on the upper four floors of the building.
"This means that the development work is now continuing at quite some pace with our contractor, J W Rihoy, programmed to have the first tenants into the building by mid-2024.
"We now have only two-and-a-half floors remaining, which we look forward to discussing with other interested parties."
Pictured: An image of the view looking west from Elizabeth Avenue.
Comprop said the Grade A trophy office would be Guernsey’s first fully-accredited BREEAM-rated building. This is an internationally recognised standard for sustainable and environmentally-friendly buildings.
The scheme's letting agents, Watts, said today that it is confident of securing tenants soon for the floor space which has not yet been pre-let.
"We have been delighted with take-up so far," said Watts' Managing Director, Joanna Watts. "We believe this has largely been driven by the quality of environment the building will provide."
Ms Watts said the project's "environmental credentials have also proved extremely important, given that sustainability issues are now top of the agenda for many boards, including those in the financial services sector".
"With no other office buildings offering such a large floor area in development for the foreseeable future, and firms wanting to provide their staff with the best accommodation possible, we are confident the remainder of the space will now be taken up quickly," she said.
Lovell Ozanne, the project's architect, said on its website that its plans include an additional 64 covered cycle spaces, a car park and amenity space to the front of the building, including a petanque court.
"We have strived to create a characterful design which is harmonious with its surroundings but still has a strong individual character. The building is to be finished in natural stone, glass and steel with large areas of glazing to provide a high-quality internal environment for the future tenants, as people are at the centre of all our designs," said Andy Merrett, Lovel Ozanne's Project Director.
Pictured: A night time image of the western elevation from Elizabeth Avenue.
Comprop's developments at Admiral Park go back more than 20 years, during which time the company has turned the former gas works into extensive offices, homes and retail space. Its most-recent phase of development there included the buildings which now accommodate the Premier Inn Hotel, Bank Julius Baer and the restaurant Good Rebel.
"Comprop’s commitment to Admiral Park provides opportunities for local and international business as well as local employment," said Mr Marie.
"Since 2019, the company will have invested £90m. in Guernsey through phase one Admiral Park, St. James Place and phase two Admiral Park, which is testament to our ongoing commitment to the island and its future."
Ms Watts said "such schemes continue to set the bar for office accommodation in Guernsey and ensure the island has the quality of space to remain competitive as a highly reputed offshore jurisdiction".
Pictured top: An image of the western elevation of the building from Elizabeth Avenue.
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