Variation of options for St George’s Park land could increase value by £175k

More variations on land options from Isle of Wight council sought – if approved could benefit IWC by £175K.

south coast leisure plans

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

Any views or opinions presented in the comments below are solely those of the author and do not represent those of OnTheWight.

Leave your Reply

4 Comments on "Variation of options for St George’s Park land could increase value by £175k"

  Subscribe  
newest oldest most voted
Email updates?
CB500

This is absolutely fantastic news for DC Dave and the lads. They can give themselves another pay rise and lose the rest down the back of the sofa alongside the PTEC and Asda money. Doubles all round.

YJC

Interesting.
A piece of prime building land going for £350,000, possibly £525,000?
Have a look at building plots to build a house or two and you have to pay more than that!
The whole thing beggars belief!

bones

They must be joking. No wonder the Council is closing everything down if this is what they think all this land is worth. What planet are they on ? Did they do sums at school ? This is shocking.

summerhouse3

The Island does not need any of this development, the smart developer knows exactly how things work and will achieve a substantial profit at the expense of current local businesses. No mention of Football eh! Who cares, not many that’s the problem.