Establishment of Manx Development Corporation approved by Tynwald

A new government company has been formed to transform urban and brownfield sites on the Island.

The Manx Development Corporation will be an 'arms length' commercial organisation, which will also focus on developing government owned and unoccupied or previously developed locations.

Treasury Minister, Alf Cannan MHK, has been made the nominated shareholder.

Meanwhile, Minister for Enterprise, Laurence Skelly MHK, says: "Establishing Manx Development Corporation is an important first step for the repurposing of Government owned brownfield sites.

"Furthermore, it is a catalyst to realising the potential that can be achieved by unlocking a range of public and private development opportunities to enhance the appearance of our towns and contribute towards economic prosperity, alongside social and public realm benefits."

The appointment of a Chairperson, two Non-Executive Directors and one Executive Board Member to the organisation is expected to get underway shortly and will be done through an open recruitment process.