The scheme, brought forward by Ramsey MHK Lawrie Hooper during his time as a member of the Department for Enterprise, aims to stimulate and accelerate development on privately-owned brownfield sites by providing financial assistance towards projects that have previously been considered unviable.
Operated by the Department for Enterprise, the fund has so far supported developments worth millions of pounds in private investment, with Mr Hooper urging property owners in the north of the island not to miss out.
He said: ‘When I brought the scheme forward the idea was to help regenerate brownfield sites and so far the £10m fund has secured around £80million of private investment.’
However, Mr Hooper said he was keen to see more of the benefits reach Ramsey.
‘The downside is all of this investment is happening in Douglas and the south,’ he said.
‘There are brownfield sites in Ramsey that should be eligible and I’d encourage those landowners to seriously investigate the Island Infrastructure Scheme to see if it can help them redevelop their brownfield sites in Ramsey.’
The scheme is designed to unlock the long-term economic potential of sites listed on the Unoccupied Urban Sites Register, helping bridge the financial gap between unviable plans and viable developments.
Funding support can be provided for residential developments of more than eight homes, as well as mixed-use, retail, leisure and commercial projects.
The scheme can provide grants of up to 25% of eligible development costs, including areas such as construction materials, labour, professional fees, demolition and specialist works.
Applicants must meet a number of criteria, including that sites are listed on the register and that developments align with the Island Strategic Plan.
The latest round of applications opened this week and will remain open for six months until the end of January 2027.
Comments
This article has no comments yet. Be the first to leave a comment.