Ownership of a piece of the Island’s industrial heritage has changed hands, as Braddan Commissioners have completed the sale of Cronkbourne Village for £1.5 million.
The 38 Victorian worker’s cottages, which require substantial refurbishment, now belong to Arragon Properties.
Braddan chairman Andrew Jessopp estimates up to £1millon is needed to bring the properties up to the right standard, a cost his local authority couldn’t afford to bear.
The commissioners first expressed intentions to sell the homes in 2015, but progress on this path was delayed due to issues over ownership of the land, which have since been resolved.
It’s understood due to legal fees and other costs the local authority saw a net return of around £1.4 rather than £1.5 million for the sale.
However, the authority also spent a further £300,000 due to the loss of rental income, rates, and ongoing maintenance at the Village since 2015.
To replace Cronkbourne Village, commissioners approved a £4.5 million scheme for 30 new homes to be built at a site near to the Snugborough Trading Estate.
Work has now begun on this development, which is being funded through loans and borrowing.
Arragon Properties have been contacted for comment, but weren’t available at the time of publishing.