Politics
Taxpayer to Help Fund Developments
The scheme was launched in January 2023, to provide up to 25% funding in support of registered unoccupied urban sites
The DfE has confirmed that three proposals have been approved in principle for funding from the Island Infrastructure Scheme to redevelop three key brownfield sites across the island.
The scheme was launched in January 2023, to provide up to 25% funding in support of registered unoccupied urban sites that have been empty for many years and are deemed to be financially unviable to redevelop without additional support.
The gov says that the private investment would be ‘nearly £50m’, which suggest around £10m of cash from the public purse being used.
Two of the applications supported in principle will provide residential accommodation, they propose 55 apartments developed at Lake Road in Douglas by Duluth Limited, part of the Dandara Group, and 38 apartments developed on the site of the former Ocean Castle Hotel in Port Erin, by Tevir Properties Limited.
Planning applications for both sites will be lodged within six months, and up to 10% of eligible costs, excluding land has been approved in principle, payable upon completion of the developments.
The third proposal approved in principle through the scheme is for a major redevelopment of the former Villiers Hotel site on Loch Promenade in Douglas.
Enterprise Minister Tim Johnston : ‘The Island Infrastructure Scheme represents a significant stride towards realising the Island’s vision for sustainable growth, connectivity and prosperity.
‘Through this Scheme, we are leveraging private sector funding and capability in line with the Economic Strategy, working together to secure the regeneration of complex urban unoccupied sites. We are now enabling the redevelopment of key vacant sites across the island which have remained empty for decades.
‘The combination of substantial construction activity, together with ongoing active use post regeneration over many years, ensures that as well as securing substantial private sector investment, there is an expected overall value to the economy and the public purse significantly in excess of any grants ultimately paid.’
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