Report to consider future function of arms-length company as construction costs soar
The future function and role of the Manx Development Corporation is to be placed under review.
It follows the publication of a report which looked at the viability of brownfield regeneration schemes.
It found construction costs were 18 percent higher than the UK average and comparable with Outer London.
The next step, according to Treasury, is for a 'full review' to be published, including a look into the future function and role of the Manx Development Corporation and its operating model.
Read more HERE.
Established in 2021, the Manx Development Corporation is an arm's-length commercial company owned by the Isle of Man Treasury to 'spearhead urban regeneration' with a focus on brownfield sites.
It transformed the former Nurses' Home in Douglas into a block of apartments, while other plans in the pipeline include the Westmoreland Village scheme.
Treasury Minister Chris Thomas was asked what options are on the table for the MDC given this review:
The Manx Development Corporation has been invited to comment.
You can listen to the full interview in this episode of Newscast:
World Cup boosted business, tackled loneliness
International cybercrime investigation to feature at financial crime conference
New food standards rating scheme launched
Fundraisers embark on walk along 'The Road That Brought Us Here'