Investing in town centre retail

Wednesday 09 March 2016

Two local businesses are working together to develop the future of St. Helier retail.

NatWest has supported de Gruchy with the transformation of its St. Helier store with a £15 million investment.

The redevelopment includes reconfiguration of the existing de Gruchy Department Store together with the creation of one of the largest Next stores in the UK. This week, de Gruchy is unveiling its new womenswear department and escalators, marking a significant milestone in this development.

The de Gruchy and NatWest partnership will be one of the most high-value investments in the local high street in the past decade.  The development is due to complete during 2017 and has been funded as a part of a joint venture between NatWest and Ulster Bank. Bryan Simpson, Director of Real Estate Finance at NatWest, led the deal arrangements on behalf of the Bank.

Stephen Reilly, Director of Corporate & Markets, said: ‘The funding for this significant development demonstrates our continued appetite to support investment in the retail and commercial marketplace in Jersey.  Our knowledge of the commercial property scene, the extensive experience of our real estate team and the strong relationship we have built up with de Gruchy were all important factors in firming up the transaction.’

Neville Moore, Managing Director of de Gruchy said: “After all the planning it’s very exciting to see the project being delivered on the ground and to have such a positive response to the new de Gruchy from our customers. We have enjoyed a very good working relationship with NatWest and their commitment to our development will have a positive impact on the commercial success of St Helier for years to come.”