Business Objective Performance Progress

1. Horizon

Actively manage the successful delivery of the project, within budget and ensure Joint Venture (JV) relationship remains positive.

Contractor proactively managed. Additional required resources identified through extensive programming and resourcing analysis. JV relations remain positive and project remains within budget.

Successfully complete and handover Horizon East to 108 purchasers and continue to pre-sell the remaining units.

Commence letting of the ground floor commercial units.

Completion slipped to January 2023, due to on island labour constraints. Only 4 out of the 280 units remained available at year end.

Deterioration in market conditions. Negotiations continue.

2. South West St Helier (SWSH) Planning Framework

Prepare for the Public Planning Inquiry.

Subject to securing outline planning consent, commence detailed design of the First Phase, with a focus on Placemaking.

3. South Hill

Subject to securing Detailed Planning Consent, commence Building Control designs and submit and secure Building Control Consent.

Thereafter, proceed with demolition of non-listed structures, carry out rock stabilisation works and commence pre-sales.

Acquire the Freehold of the Site from Government of Jersey.

4. IFC 6

Continue to actively manage successful delivery of the project, including co-ordinating tenant’s CAT B (fitout) design.

Manage the project within its approved budget. Continue to promote and let the remaining office and commercial space.

Minor redesigns required following feedback from Planning Department, submitted as an addendum in January 2023.

Due to delayed feedback from the Planning Department on the initial application, Public Planning Inquiry to take place in May 2023. Detailed designs cannot commence until outline planning consent is received.

Planning Officers recommended approval and positive feedback from the JAC received.

Application refused in April 2022 and redesigned scheme was submitted in December 2022 but refused again in March 2023.

Without consent unable to proceed with Building Control application or pre-sales.

A Ministerial Decision to transfer the site to JDC was provided in December 2022. We anticipate the legal title to transfer during Q2 2023.

Project on programme and tenant’s CAT B design instructed and incorporated in construction programme.

Construction budget managed within what is controllable, but finance costs have increased significantly due to increase in interest rates.

Aztec exercised its option for additional space. Heads of Terms entered into and pre-let documentation being finalised for the remaining office space.

The ground floor restaurant to be promoted during 2023.

as the risks facing the Company. meeting those objectives. In some cases, achievement has a key dependency outside of the Company’s control and these are identified