Plans to build offices on an empty plot in Rue Marguerite - which used to be part of Guernsey's former prison - have been approved.
Local property developer Comprop is taking on the project which is expected to cost around £10m.
It acquired the land opposite Elizabeth College last year, after the States decided to sell it for £1.1m in an attempt to rationalise its estate.
The land had been left derelict for a number of years and, despite having been earmarked for development by the States, had only been leased for private car parking. Although the land had been offered to the Guernsey Housing Association, it was decided it was not suitable for residential use due to planning constraints.
The site was sold along with a smaller, adjacent site which was bought by a separate buyer.
The new building will offer four floors of office accommodation with a total floor area of just over 18,000 sq. ft, along with 19 secure underground car parking spaces and motorbike and bicycle parking.
The approved project follows on from Comprop's recent regeneration of the former brewery site, Havelet Waters.
"The development demonstrates Comprop's continued confidence and commitment to Guernsey and is another significant private investment in the island's infrastructure by the company," said Managing Director Steve Marie.
Pictured: Plans for 'St James Place'.
"We are aware that there is demand for new build office accommodation as the business sector is busy with upsizing of current businesses, mergers and acquisitions leading to companies wanting to operate from one building, with the added benefit that any business moving will create space it leaves behind. A new building in this location provides a statement premises, allowing businesses to compete on an international platform.
"The new building is one of the few remaining sites in St Peter Port that can provide flexible office accommodation for medium to larger size businesses to help them maximise their potential, so supporting the expansion of the business community as a whole."
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