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Development
Land reclamation project fills State coffers
After years remaining dormant, a near 700,000 m2 plot of reclaimed land on Gibraltar’s east side has a new, £1.1bn low-energy development plan over 5-6 years that requires a total of nearly £87m to be paid to the government upfront by September.
Detailed planning for 450 up-market apartments, a 70-berth superyacht marina, a 5-star hotel, 1,147 government co-ownership homes, and a new promenade with retail, office and leisure spaces, is to be submitted later this year with infrastructure work starting soon after, according to developer Cameron, a year-old Gibraltar registered company.
Chief Minister Fabian Picardo, described the ‘Blue Water’ project as Gibraltar’s “largest ever inward investment”. He expected it to be “a major driver of economic growth”, attracting “many international High Net Worth Individuals”.
A 30% smaller reclamation site was to have been developed there in 2006 under a £35m lease by Aldersgate Investments, the
business of billionaire Simon Reuben and Multiplex Construction, Australia’s largest building company and a major UK developer. But with no progress, the government in 2013 regained control by paying £28m for the land: the Camoren project was chosen in June “as the most mature” from a short list of 17 bidders.
Leslie Allen-Vercoe, Cameron Holdings chairman, said: “This is a landmark development for Gibraltar and we are entirely confident in the economy, which is showing strong growth. Camoren principals together have many decades of expertise in developments.”
There were a number of funding options, he said, including a large Irish development company, an international bank involved with a Allen-Vercoe Caribbean project and, in respect of affordable housing, local and UK banks.
Over 900 people will be employed during construction, and Michael Crisell, Camoren managing director, expects that
when complete in 2021, “Blue Water will provide employment for up to 1,000 people and 4,500 – 5,000 people will be living there”.
During the late June Budget presentation, Picardo noted: “The private sector is starting to work on developments that were previously not taking off”, and he pointed to the Gibraltar World Trade Centre where foundations for the £85m venture are finished. Two new apartment blocks at adjacent Ocean Village were “likely to start construction in the next 12 to 24 months”.
Midtown, a £120m residential, office and car parking development over three years, is also underway, but the nearby £50m 4-star hotel and Victory Place office project is not expected to get under way for 12 to 24 months, the Chief Minister indicated.
Developers are also talking to Government about a Coaling Island land reclamation project, “which will also provide a huge boost to GDP” with an expected payment of a large upfront premium.
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