South Coast Leisure – who plan to build a new retail and leisure park on the site of Newport Football Club – are seeking yet another variation on the option to buy the land from the Isle of Wight council.
A delegated decision report, issued today (Monday), reveals that if the council agree to further variations on the option to purchase a piece of council owned land (next to the football ground) could lead to an extra £175,000 in the council coffers.
Hotel and phased development
The latest report deals with the second request for the following changes:
- more flexibility as to how use of the food retail floor space is allocated;
- an additional 400 sq. ft. food retail;
- to allow hotel use;
- to allow the development to be built out in two phases, and for the option land to be sold/let piecemeal if necessary.
Increase in land value
The papers reveal that if the terms are agreed by the council, the value of the land they’d be selling would increase from £350,000 to £525,000.
It also states that South Coast Leisure has agreed to pay this higher price if the further variation is approved.
Full details can be found in the report