The Island Infrastructure Scheme (IIS), designed to stimulate and accelerate the development of brownfield sites across the Island, has opened for a second round of applications.
The Scheme, which opened for the first round of applications from January 2023 to April 2023, aims to unlock the economic and social value of unoccupied urban sites, by providing financial support to offset additional costs faced when redeveloping brownfield sites.
Similar to the initial phase, the IIS will provide financial assistance of up to 25% of eligible expenditure to developers, by way of a grant towards development projects which meet the criteria outlined in the Scheme guidance.
The aim for the second round is to encourage more residentially led developments, supporting Government’s ambition to have 1,000 additional homes occupied by the end of 2026, however applications that demonstrate real economic opportunities and increase the vibrancy and social offering of the Island can be considered.
Tim Johnston MHK, Minister for Enterprise commented:
‘Through the first round, we have seen the potential this Scheme can bring to the Island, with targeted investment from Government spurring regeneration and investment from developers for sites that have remained empty for years.
‘Some £90m of private sector funding has been pledged in support of substantial regeneration, with Government support conditional and payable only after completion of any schemes. This therefore is a really clear way of stimulating and supporting commercially viable development and leveraging private sector expertise and investment as laid out in the Economic Strategy.
‘We are opening the second round for 12 months to encourage private developers to come forward with applications to regenerate unoccupied urban sites and stimulate private sector investment into the Island.
‘So far, two applications of leisure, commercial and mixed-use developments have been approved in principle through the Scheme and two applications for solely residential. The majority of applications look to revitalise the lower Douglas area, enhancing the vibrancy and social offerings in the City centre. For this second round, it is hoped that we can bring forward developments located across the Island and encourage regeneration of unoccupied urban sites most appropriate for residential developments, thus aligning to the Island Plan priority to increase housing provision.’
The Enterprise Minister added:
‘The reopening of this Scheme marks another step towards our administration’s goal of transforming brownfield sites into new developments and aligns with the core principles of the Island Plan, focusing on building strong communities and ensuring a more secure, vibrant, and sustainable future for the Isle of Man.’
Planning approval has been granted for both the redevelopment of Villier’s Square and Lake Road, with another two projects from the first round going currently through the planning process.
Applications for the Scheme will open from 1 July 2024 until 30 June 2025. Applications are prioritised and awarded on an assessment criteria, taking into account direct and indirect economic benefit together with social and public realm benefits. Any offer of support under this Scheme is subject to the successful completion of any development, with funds only being made available following a final assessment of costs and viability with eligible costs excluding the cost of land and any Government fees and sums.
