£50m poured into new Isle of Man projects from urban sites scheme
Last week three proposals were confirmed to receive funding to regenerate unoccupied Brownfield sites in the Isle of Man.
The Department of Enterprise has confirmed a private sector investment of almost £50m has been approved to build on the sites, with an office, hotel, and retail complex to become one of the first active projects.
Alongside this, two of the applications will provide residential accommodation, with 1,000 additional occupied homes to be created by the end of 2026. Authorities have proposed 55 apartments to be created at Lake Road in Douglas by Duluth Limited and 38 apartments to be developed on the site of the former Ocean Castle Hotel in Port Erin.
Planning applications for both sites will be submitted within the next six months, and up to 10% of eligible costs, excluding land has been approved in principle, payable upon completion of the developments.
Following a similar theme, the third proposal is for a huge redevelopment of the former Villiers Hotel site on Loch Promenade in Douglas. Plans include a mixed-use developments that will include commercial, retail and leisure space and an 80-bedroom hotel.
‘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,’ said Tim Johnston MHK, minister for enterprise. ‘We are now enabling the redevelopment of key vacant sites across the Island which have remained empty for decades.’
Tim added: ‘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.
‘By breathing new life into neglected spaces, this scheme not only addresses the pressing issue the island faces, but also demonstrates our commitment, as outlined in our island plan, to creating a more vibrant, sustainable and inclusive future, with towns and our capital at the heart of development, enabling communities to thrive.’
Against this backdrop, redeveloping sites into something the community can benefit from is better for the environment. Research from 2022 found materials used in the construction of buildings account for around 9% of overall energy-related CO2 emissions.
Dr Alex Allinson MHK, treasury minister, added: ‘By providing funding from the £100m economic strategy fund for schemes such as the island infrastructure scheme, we are supporting and incentivising the private sector to invest in our island while contributing to the economic growth, prosperity and sustainability of our island.’
Images: Isle of Man government