20 Jun 2025
Jubilee Square, SADC’s flagship city centre development, was officially opened on July 31, six years since 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.
But although conditional planning permission has been given for gym facilities, and flexible workspace operator Co-Space is set to occupy approximately 28,000 sq.ft. of Eleanor Ormerod House – one of the two main buildings on the site – at the moment all seems quiet at the development.
We asked SADC what strategy has it implemented to get the best return on the site, especially given the huge £64m price tag associated with the project?
Robin Taylor, strategic director for customer, business and corporate support, said the council does not borrow externally scheme by scheme.
“External borrowing is based on all capital requirements and from assessing the council’s cashflow requirements which includes working capital and reserves. The cost of external financing is taken as a whole and not repaid on a monthly basis.”
He also revealed promising news for the commercial space at the site.
“Our marketing strategy for attracting new tenants to this landmark development in the city centre is bearing fruit and we are pleased to announce that most of the commercial space is now under offer.
“It may seem there is not much activity at the moment, but a great deal of work is going on behind the scenes.
“Long-term leases require considerable legal work before they can be finalised, the buildings are fitted out and tenants move in. This always takes some time.
“However, the fit-out of Eleanor Ormerod House, one of the two main buildings on the site, is to start this month with the tenant Co-Space due to move in later this year.
“Co-Space are a flexible workspace operator who will be occupying 28,000 square feet of the commercial space, offering an important service to start-ups, small businesses and larger organisations.
“The fit out of Francis Bacon House has already started ahead of another tenant moving in.
“Any remaining space can be divided up into smaller units if that is required. We have targeted all types of prospective tenants.”
