Nov 23 - GSD Asks: Is Eastside “Blue Water” Development At Risk?
The GSD says that, although it is now five months after the Eastside Blue Water Development was announced by the Government in June 2015, the GBP 83 million premium has not yet been paid by Camoren Holdings Limited to enable draft leases to be exchanged.
GSD Election Candidate Roy Clinton stated:
“The GSD welcomed the announcement of the project at the time, however it is disappointing that the chosen developer has not yet paid the GBP 83 million as confirmed by the Hon Joe Bossano on last week’s GBC Money debate. In that debate Mr Bossano indicated that if the project fell through he had at least two other interested parties to step in. He also stated that he had not factored Blue Water into his Economic forecasts due to the uncertainty of the development. Given that the chosen developer was committed to financing the construction of 1000 affordable homes in the form of Bob Peliza Mews and Hassan Centenary Terraces it follows that these are also at risk. ”
The GSD adds that it is “unfortunate” that the Government “saw fit to raise expectations and issue glossy brochures” for affordable housing when the developer had not yet paid any money to secure the land.
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