Columbia Group has announced that the business will allocate £100-millionpounds over the next five years to support the renovation of vacant properties on the island.
This figure is in addition to the company’s pipeline of Jersey new builds already underway.
This decision comes following proposals from the Government of Jersey, in response to the recent census, which found that more than 4,000 properties on the island were empty.
David Kennedy, CEO of Columbia Group, commented: “We whole-heartedly support the approach that the current Housing Minister was considering with regards to vacant possession on the island, and we hope that the new minister will continue this excellent work. The scheme being proposed has the potential to be a practical and innovative solution, which could benefit everyone.
“It makes no sense for homes to be sitting empty while so many people are in urgent need. We had not intended to allocate any budget in this area, but the overwhelming support for the vacant property proposition in the States Assembly last month has made us reconsider. With the right level of political will and the support from private industry, like ourselves, we believe this could be a gamechanger for Jersey.”