The States announced earlier this week that it had committed to buy the majority of the 13-acre derelict ex-industrial site behind the Bridge from the Coop, with the aim of starting demolition work within 12 months.
The Coop has retained a small section of the site to develop for housing and has committed to begin this work within 18 months.
Mr Cox said there was a mixture of disappointment and relief that the deal had gone through.
‘It’s been frustrating, and I guess there is a sense of a little bit of disappointment that we’ve not been able to pull together a scheme,’ he said.
‘But strategically, the site is really important and unlocks the potential, not just for Leale’s Yard, but other sites in the north of Guernsey.’
The site had been bought by the Coop in 1998 for just over £4.6m. and Mr Cox said it was hard to look back at that original price, because various different transactions brought the entire site together.
‘It wasn’t a determined effort to try and recover the price for the land,’ said Mr Cox.
‘We’ve had it independently valued and it’s just ultimately worked out that way. We’ve never been looking to make any significant profit. That wasn’t what it was about, we’re mindful that what we want to see is this land developed for the benefit of the wider community in Guernsey.
'So we have to be realistic around what return we could get.
‘Overall, when we look at the market value of the site and the land that we’ve retained, we’re pleased with the price, and we think it represents good value for members, particularly if we can develop the housing scheme. Also some years back, there was a small development on Lowlands Road that was originally part of Leale’s Yard that the Coop has benefited from.’
Mr Cox said the Coop's own housing development would be accessed from Nocq Road and would not have to wait for infrastructure changes in the main site.
‘Hopefully we’ll be able to develop some affordable housing for first-time buyers on that small parcel of land,’ he said.
‘It lends itself nicely to being separated off Leale’s Yard. The current plans have 14 townhouses. We are going to review that and make sure that’s appropriate.’
The 2022 plans for the entire site, which included more than 300 homes, had been devised between the Coop and property company Omnibus, a partnership between developer Charles McHugh and builders Rihoy & Son.
Mr Cox said that development agreement had finished, on the basis of not being able to develop the larger plan.
‘However, we would be keen to work with Rihoys on the housing development – we have a good relationship with them, so it would make sense. We appreciate all the effort and time that’s been put into working together on the larger plans.’
The original plans for Leale’s Yard had included a 20,000 sq ft supermarket but Mr Cox ruled out the Coop having any retail presence in a future development. Instead the sale proceeds would be reinvested in its current stores, he said.
‘We’re well into the planning for a refurbishment in St Martin’s, and Nocq Road will then follow quickly. We’d like to see work start on St Martin’s next year and then Nocq Road the year after.’
You need to be logged in to comment. If you had an account on our previous site, you can migrate your old account and comment profile to this site by visiting this page and entering the email address for your old account. We'll then send you an email with a link to follow to complete the process.