Plans for Information Centre include a boutique hotel

The Seafront Enhancement Area Steering Group has picked RED fund – a real estate developer, which is backed by private investors with Channel Islands’ links.

The site on North Esplanade was one of six that the SEASG included in an expression of interest process. This also saw the public give ideas on how they wanted to see the sites, which included La Vallette, enhanced.

RED will now be granted a period of exclusivity in order to further develop and confirm its proposals.

The commercial terms are also to be agreed and will be the subject of negotiation during the exclusivity period.

Full details of the submission are not being made public while RED fund firms up its proposals and agrees terms with third parties.

RED fund chairman Andrew Haining said they were looking forward to working on the building.

‘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,’ he said.

‘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.’

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.

Deputy Charles Parkinson is a member of Seafront Enhancement Area Steering Group.

‘There was considerable interest in the future of this iconic building and we are delighted that we can now name a preferred bidder,’ he said.

‘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.’