'All sorts of possibilities' as future of MDC to be reviewed

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:

Manx Development Corporation says: "MDC welcomes the Treasury’s recent publication highlighting the current difficulties and costs associated with development on the Isle of Man. 

"Following our contribution to this piece of work we will continue to engage with the Government and incoming administration on the next phase of this review."

You can listen to the full interview in this episode of Newscast: