The Swimming Pool Boom and the Men Behind It
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*The Swimming Pool Boom and the Men Behind ItJersey Topic 1965 *
There has been a quiet boom taking place in Jersey during the last five
years. It has...
5 hours ago
You should run for constable monty.
ReplyDeleteI just posted this comment on Philip Ozouf's blog on the JEP survey and hope you don't mind if I post it here too, to guarantee exposure.
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This comment is not directly connected with the JEP survey but a lot of the bad public view of the States that it will no doubt eventually report on is
rooted in the high-handedness that grips too many once the campaign promises are forgotten.
I wonder why so much money is being targeted at buying the never occupied white elephant office block at the Green street roundabout? I have it on good authority from an insider in the property market that Jersey commercial property has been dead in the water for several years now so this unwanted property is likely to be in even less demand now than when it was constructed.
If Jersey high rent commercial property has a future at all, it is down at the Waterfront which will lead to a fall in value for properties located elsewhere. I see Stephen Izatt is reported in tonight's JEP as claiming that demand for more than 500,000 sq has already been found from firms - "major banking names" - keen to move to modern... offices. Unless these "names" are finance houses not already in the Island, this presumably means they would desert their local offices elsewhere in town causing even further downward pressure on commercial property. In short, commercial property not located at the Waterfront would suffer even more, particularly ghost blocks like that by the roundabout.
If nobody wanted it when it was built, and ever since, and demand for it looks likely to plummet further, then what is its true value? - a supply that has no real demand is worthless. Why not just offer the speculator who built it a peppercorn price? After all, we are told that these guys took entrepreneurial risks that justified the huge rewards they received so when the cookie crumbles against them, why not let them reap what they sowed?
A significant part of the guilt for the unfolding global financial meltdown, the future depths of which the majority still don't fully appreciate yet, was down to those who massively inflated the property asset bubble for the last twenty years or so. This generated the illusion the economy was healthy instead of an over-extended credit basket-case heading for hell in a handcart.
When Freddie Cohen made his pre-appointment speech to the States as Planning Minister he undertook to not grant any permissions for new office developments unless there was a committed tenant or occupier. When in post he did a U turn. The Green Street block pre-dated Freddie of course but was many years in obtaining permission and involved all sorts of deals. It was rumoured to be for Mourants use originally and a Jersey advocate is a principal owner.
ReplyDeleteThe Ozouf dream is to sell off virtually all sub-standard States offices and build one huge central block. It is the Dubai dream behind the whole crazy "finance centre" concept for the Waterfront. Local devlopers and their friends will have a wonderful time because the public will be paying the inflated rents that are more appropriate in the "market". The Jersey Development Company (the child of WEB) will serve the developers and have extraordinary powers all over the Island to fix deals and con the public like we have never experienced before.
In fact of course, St Helier is full of outdated commercial properties which are becoming more and more obsolete in the international whizz-kid world. They are all ripe for redevelopment. Even "listed" buildings like Church House are becoming difficult to let.
Freddie says that modern office buildings have a life span of 25 years - so have no illusions about where Jersey is going!
This is the same man that wants to restore the North of Town to its 19th century elegance!That scheme alone would swallow up all Jersey's public funds for the next 40 years and the whole of St Helier - besides many other parts of the Islands - want billions to be spent on them.
This Island has been mugged yet again with an appalling capitalist Island Plan which is all about pleasing the rich and developers. No wonder Le Claire was in tears - we should all be wailing.
And beware of Ozouf's blog - he delays posting critical comments until he can re-cycle and hide them under a fresh blog. It is difficult to find "previous" postings.
Have a nice day Tom Gruchy says
Montfort.
ReplyDeleteLenny Harper IN HIS OWN WORDS
Hi Monty.
ReplyDeleteJust put up Question's 7,14 & 17 from today.
You & your reader's can listen HERE