Jersey Development Company has published its 2018 Annual Report and consolidated financial statement.
The Annual Report highlights that 2018 was an exceptional year of performance for the States’ owned property company. The audited financial statements for the year to 31 December 2018 show a total income of £23.44m, with an operating profit of £18.72m which equates to increases of 47% and 177% respectively on 2017 performance.
Key commercial achievements include:
The building was fully Let and successfully sold at a record yield at the time for this type of investment. The sale completed in November 2018 for £43.7m with a net profit of £9.5m after the deduction of historical land costs (£9m in 2018 & £500k in 2017);
Completed in August 2018 and 87% Let by the financial year end;
The International Finance Centre also saw the completion of a new public square which is the largest piece of public realm created in the island since 2011;
Waterfront Leisure Complex
This key strategic waterfront asset was purchased for future redevelopment;
- 28 first-time buyer units from the 40 being constructed were handed over.
- 40 units were handed over to the Jersey Homes Trust for over 55’s social housing.
- 139 out of 187 apartments were completed and handed over to purchasers.
- The Fates and Muses hand-carved sculpture was installed in the gardens
in October 2018.
A Joint venture was entered into with the 10th largest French Construction Company, Groupe Legendre. 136 Horizon residential units were pre-sold to the value of £55m (as of 31 December 2018). Construction commenced in September 2018.
Lee Henry, Jersey Development Company’s Managing Director commented: “2018 has been the most successful year in the Company’s history with record financial results. The Company’s construction activity levels in 2018 were also at an all-time high with the Company having contracts to the value of £158m. During the year, JDC sold its first IFC building realising a healthy commercial return, as well as completing and selling 139 residential apartments at College Gardens, including 68 Affordable Homes.”
The Company’s mission is to be the Government of Jersey’s trusted partner for regeneration and strategic property development in order to deliver a sustainable financial, social and environmental contribution to Jersey and its people. The Company follows directions set by the Regeneration Steering Group and the Company’s shareholder, the Minister for Treasury and Resources. 100 per cent of the profit generated from the company is either: paid to the Government as a dividend; invested in public infrastructure as directed by the Company’s shareholder or invested in future development projects.
The full Jersey Development Company 2018 Annual Report and consolidated financial statements can be viewed via the link below: