29 Sep 2025
Has the district council’s flagship Jubilee Square development lost nearly £25m in value?
The development officially opened in July last year, six years after work first began on the site of the old police station and NHS facility on Victoria Street.
The council sold all 93 residential properties to Watford Community Housing, with 33 for social rent and the remaining 60 apartments available on a shared-ownership basis with support from Homes England.
There are now tenants living in the £64 million development, and flexible workspace operator Co-Space is set to occupy approximately 28,000 sq ft. of new workspace at the site, but the pavilion at the forefront of the Victoria Street façade remains empty.
Conservative group leader Cllr Matt Cowley has been pushing for a valuation on the project, only to discover the scheme has cost the council much more than the £64m originally budgeted.
SADC has already allocated additional funds for fitting out Francis Bacon House and Eleanor Ormerod House, but the new accounts now show a loss of £14.2m on the disposal of the housing element, and a loss of £9.6m on the valuation of the commercial element.
Added to this is the £4.65m spent every year servicing council debts, nearly £3, more than five years ago, which includes the balance outstanding on the Jubilee Square project.
Cllr Cowley said: “The Liberal Democrats have run our district council for nearly seven years and time and again they have blamed everyone but themselves for the council’s financial position.
“But it just doesn’t add up. The millions wasted on Jubilee Square contribute to an enormous bill servicing debt run up under their watch – up nearly £3m per year since 2020. That’s money that should be funding public services; not Lib Dem vanity projects.
“The Liberal Democrats are failing St Albans residents. We’re all paying the price.”
The shortfall has been explained by council leader Cllr Paul de Kort, who said: “Valuations fluctuate year on year, with some gaining and some losing value according to the market. When valuations decrease this is often a sign that the economy is weaker, rather than something in our direct control. That has had the effect in our accounts of placing our Jubilee Square development in the red at this point in time.
“The reality is that Jubilee Square came in on budget and is providing much needed social and affordable housing and high-quality commercial space in the district, breathing new life into a formerly run-down area of the city centre.
“The commercial space is filling up with our latest partner, Co-Space, opening for business this autumn. Co-Space’s site encompasses 28,000 square feet of flexible workspace including office, co-working, and meeting space based in Eleanor Ormerod House.”
