States to buy Leale's Yard site for £4.5m

The States pulled out of a deal earlier this year to support developers with a scheme to build about 300 homes at Leale's Yard

The States of Guernsey is set to buy the Leale's Yard site on The Bridge for £4.5m, the island's top political committee has said.

Earlier this year, the States pulled out of a deal to spend about £35m on the project to support the Channel Islands Co-Operative and developer Omnibus with the scheme.

Omnibus had planned to build more than 300 new homes on the site, with outline planning permission for the project granted in 2023.

In her first speech to the States, Policy and Resources President Lindsay de Sausmarez said: "This site is essential in terms of its strategic importance."

In her first speech to the States, P&R President Lindsay de Sausmarez said improving transport in the area was a priority

De Sausmarez stressed the importance of an improved traffic network in the area to support new housing.

"The first priority is to improve the transport network in the area, both around and through the site, as that's crucial for its long-term success in addressing the traffic impact," she said.

"We are very keen to deliver the best mix of housing that the island needs, alongside other aspects that will support the regeneration of The Bridge, and won't waste any time in moving this forward."

Channel Islands Co-Operative chief executive Marc Cox welcomed the decision.

"We are delighted to have reached an agreement with the States of Guernsey for them to purchase the substantial part of the Leale's Yard site," he said.

"This agreement will enable the Coop to focus on our core business, free of the distractions that a complex property development like Leale's Yard entails.

"The agreement will also see the States free to progress the delivery of much-needed new homes and employment opportunities for the island of Guernsey."