Following the decision by Real Ventures Ltd to withdraw as preferred bidder for the purchase of the former rubbish tip at Stag Lane, Vestas Technology UK have approached the council to become a special purchaser for the site.
Papers released ahead of the Cabinet meeting to be held on 17th September reveal that Vestas Technology UK are developing plans to extend their operation on the Isle of Wight.
Job creation
The prospect of the creation of many new jobs with the wind turbine blade manufacturer will certainly be a factor in the decision-making process.
The papers state,
“In order to progress these plans within the company it needs the security of being appointed as special purchaser for the land at Stag Lane.”
Papers go on to say,
Such an expansion would rely on the support from its parent company but the starting point for it in these discussions would be in acquiring the status of special purchaser and in understanding the terms on which the council would be prepared to dispose the site.
Hefty costs for removing contaminated material
If Vestas were to purchase the land, the cost of removing the contaminated waste material is likely to set them back around £3.5 million and £5 million. This is a requirement of the Environment Agency prior to any development on the land.
Officers are recommending that Cabinet members approve the request to treat Vestas as a ‘Special Purchaser’ for the land.
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