Multi Million Pound Investment for old Naval Grounds re-negotiated by Government Work on a multi million pound project, comprising residential and commercial premises, as well as parking facilities, is scheduled to begin on the site of the old Naval Grounds in September. The project will be carried out by Commercial Developments Investments Limited, pending approval by the Development and Planning Commission. It follows the re-negotiation of an agreement the Company entered into with the previous administration. Commercial Developments investments had been granted a development licence by the GSD Government to develop residential, office and commercial premises, as well as a car-park at the site of the old Naval Grounds. This deal was criticised by the GSLP/Liberal Government when in Opposition, claiming Crown Lands had been sold for under market value. In the re-negotiation, the Government has secured the return by CDI of approximately 3,000 square metres of the over 11,300 to which it had previously been entitled to develop. The premium paid to the previous administration has not been reduced. It has also procured, that as part of its obligations under the development agreement, CDI will construct a multi storey car-park to accommodate large coaches, mini coasters and taxis. It will also provide a further one thousand car parking spaces for the public and a limited number for sale. The Government says its pleased to be able to deliver its manifesto commitment of providing double the amount of car-parking spaces as was previously available at the now Commonwealth Park, as well as an additional green area, linking the new development to the Park, via the Kings Bastion Leisure Centre. Welcoming, the investment, the Chief Minister said he was pleased to have driven a hard bargain in the interests of the Community. And after having had the project on hold for so long, CDI says it can now focus on its application to the DPC and its aim to deliver a world class development in a prime location in Gibraltar. Subject to approval, the demolition and dismantling of the existing structures will start after National day this year, with construction to follow immediately after.(GBC) Like,Comment, Share Recommended Pages: Kim Morris Designs Gibraltar Expat Social Club Gibraltar Souvenirs & Accessories
Posted on: Mon, 28 Jul 2014 10:11:42 +0000
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