Chief Minister Alfred Cannan has welcomed the proposed redevelopment of three brownfield sites in the island.
This follows the announcement of £50 million in private sector investment in the island.
The redevelopments were proposed after an approval in principle from Government for financial support for their regeneration through the new Island Infrastructure Scheme.
Under the scheme, the Government can provide up to 25% of the costs of the redevelopment – excluding land costs – which is only payable upon the completion.
Mr Cannan said: ‘At the start of this administration, we recognised the importance of vibrancy in our towns and villages and the role this plays in both retaining and attracting people and investment to our island.
‘There are several brownfield sites which have blighted parts of our island for too long, with prominent areas of our capital in particular crying out for regeneration. Many of these sites are not financially viable for redevelopment by the private sector alone meaning they have sat vacant for a long time – some of them for decades.
‘It was clear to the Council of Ministers that a shift in policy was needed if this situation was ever going to change. The commercial viability for some sites was simply not there without some form of intervention.
‘Targeted investment from government – only paid after completion of any developments – could be enough to tip the balance and spur regeneration.
‘This will not only generate an overall positive economic return through the development phase, but also for many years to come.’