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The States’ proposed multi-million-pound investment into infrastructure and housing on the Bridge won’t require a reappraisal of commercial viability for Leale’s Yard.
Deputies committed £35m in principle to the regeneration project last autumn, to pay for things like flood defences, which will also serve future development on the lowlands, and housing units.
This investment was not known when the Leale’s Yard project was granted outline planning permission in 2022, where an independent viability assessment was also considered which concluded that the development would struggle to achieve industry-standard profits after sales.
The developers had to use this process to prove to the planning department that complying with the controversial affordable housing policy GP11 – where a portion of land or units are handed over to the public housing association – would render the project non-viable.
Deputy Victoria Oliver, President of the Development & Planning Authority, said as preliminary permission has already been given, the calculations for viability can’t be done again.
“Any investment from another party after this decision was made at the open planning meeting cannot retrospectively impact on the decision to grant outline planning permission or in any way alter the terms of the covenants,” she said.
The States and developers Omnibus are still in the process of drafting covenants for the project, with guarantees needed in black and white for developer responsibilities including requirements ranging from road infrastructure to biodiversity offsetting.
Only when these are signed will outline permission be formalised.
More specific details of the public investment are yet to be published, with extra scrutiny being applied to the project for directors involved at Omnibus and the CI Coop following a successful amendment from the DPA Vice-President, Deputy Andrew Taylor.
Policy & Resources have been directed to bring all that information back to the States in a policy letter this year, which a spokesperson said os likely to be the second quarter of this year.
“With a further discussion on its agenda before the next States Meeting, the P&R President intends to provide the latest update to the Assembly in his General Statement,” they added.
The next States meeting starts on 20 March.
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