Coop 'got to move on' after new homes plan stalled

The boss of Channel Islands Coop says the firm has "got to move on", after its long-running plans to redevelop a derelict site in Guernsey with more than 300 homes did not happen.

Chief executive Mark Cox said Coop was happy to "draw a successful conclusion" to the Leale's Yard site, on The Bridge, St Sampson, after agreeing to sell it to the States for £4.5m after owning it for nearly 30 years.

Nearby retailers said they were "elated" and "hopeful".

Mr Cox said Coop's final attempt at developing the site, which included plans for 338 houses, a multi-storey car park and a supermarket, was not meant to be. It comes after the States pulled out of a £35m deal to support Coop and developer Omnibus.

Mr Cox said: "I guess there's a little bit of disappointment that we haven't been able to deliver our plans, but equally we've got to recognise that we're retailers.

"We've got to move on - the States have a need for housing and as a coop we've always wanted to support that need.

"Being able to pass this over to the government to enable them to take it on and unleash the potential for the site and other sites that they own in Guernsey is really positive."

The States of Guernsey announced plans to buy Leale's Yard on Wednesday. Earlier this year, it pulled out of a deal to spend about £35m on the project to support the Coop and developer Omnibus with the scheme.

Mr Cox said the company had subsequently "not been able to deliver the scheme".

He said: "I think from a core point of view, we've got to take a long hard look at that and what we're doing is holding back a piece of land that could be developed out of much-needed housing in Guernsey.

"If we're not able to do that, then we've got to find somebody that is able to do that."

Mr Cox said the money from the purchase would be used to invest into its supermarket on Nocq Road in St Sampson.

He said: "What it now gives us is certainty for our members and our colleagues that we'll be reinvesting in Nocq Road, improving that store for the benefit of those members.

"We'll expect to see some exciting plans coming out for the future of Nocq Road."

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