The Isle of Wight Council has agreed a deal for the Ventures Quays site in East Cowes.
Speaking at last night’s (Thursday) cabinet meeting, Cllr Wayne Whittle, cabinet member for regeneration and business development said Homes England had accepted the council’s offer for the site.
The amount was not disclosed.
Securing 150 jobs
Conservative council leader, Cllr Dave Stewart, said the deal would secure 150 jobs at the Columbine shipyard, Albany warehouse and Victoria barracks.
The cash will come from the council’s regeneration fund, approved at the council’s February budget meeting.
Talks with Homes England, which owns Venture Quays, have been ongoing for months to determine the future of the site after plans to transform it into a luxury waterfront development, with townhouses, a hotel and bars, fell through.
Whittle: Getting best value for the council taxpayer
Cllr Whittle said:
“Our main objectives are to secure marine jobs at the site for the foreseeable future, but also getting the best value for the council taxpayer.”
Putting “true regeneration into action”
Praising his colleagues, Cllr Stewart said:
“I know the amount of effort and energy that went into the engagement with Homes England on Venture Quays.
“To acknowledge that, to preserve jobs, to actually open that side of East Cowes and put true regeneration into action is good news.”
This article is from the BBC’s LDRS (Local Democracy Reporter Service) scheme, which OnTheWight is taking part in. Some alterations and additions may be been made by OnTheWight. Ed