The enhancement of the St Peter Port seafront has taken another step forward with a preferred bidder being announced for the States Offices which currently house the Tourist Information Centre.
The Seafront Enhancement Area Steering Group has named RED fund, a real estate developer which is backed by private investors all with Channel Islands’ links, as the preferred bidder. The site was one of six that the SEASG included in an expression of interest process that also saw the public give ideas for how they would like to see the site enhanced.
RED will now be granted a period of exclusivity in order to further develop and confirm its proposals, which include a boutique hotel. The commercial terms are also to be agreed and will be the subject of negotiation during the exclusivity period.
Deputy Charles Parkinson, member of Seafront Enhancement Area Steering Group said: “There was considerable interest in the future of this iconic building and we are delighted that we can now name a preferred bidder. We were impressed with the vision and enthusiasm of the RED fund team and felt that they understood the potential of the site to grow and diversify our economy and benefit the whole community.”
Details of the submission are not being made public while RED fund firms up its proposals and agrees terms with third parties. RED fund recently announced that it had acquired a 14.67 acre industrial site on Route Militaire and L’Eree Bay Hotel, which followed the purchase of three office properties in Jersey in December 2018.
Andrew Haining, Chairman of RED fund said:”‘It has been an exciting first year for RED fund as we have completed on two significant sites in Guernsey and are currently negotiating on a number of others in both Guernsey and Jersey. Our investors believe in the Channel Islands and want to play their part in their future success. The Tourist Information Centre is a fantastic building which is full of history and we are excited about its future transformation into something the whole island can be proud of.”