Lord Street regeneration plans revealed

If approved, they would see a mixed-use development built on the site, with 85 apartments, office space, a multi-screen cinema complex, restaurants and a food hall.

It would also include a new indoor bus information centre with a waiting area for bus passengers, public toilets and changing facilities.

The Department for Enterprise says it welcomes the announcement, which marks the fourth scheme to be supported in principle through the Island Infrastructure Scheme.

Launched in January last year, the scheme provides up to 25% funding of the eligible costs of the redevelopment in the Lower Douglas area – excluding land costs, which is only payable upon the completion of the scheme in line with any planning approvals and in keeping with the original Tynwald Approved Lower Douglas Masterplan.

The total private sector investment proposed through the first round of the scheme has now reached nearly £90 million.

Tim Johnston MHK, Minister for Enterprise, said: "I welcome these ambitious plans for the redevelopment of Lord Street, which seek to transform and rejuvenate this site in lower Douglas into a vibrant space for residential, leisure and commercial facilities.

"Through the Island Infrastructure Scheme, I am pleased that we have been able to provide support in principle to this development, in addition to the previous three, designed to stimulate and accelerate the development of privately owned and unoccupied brownfield sites into buildings which contribute to the economic growth, prosperity, vibrancy, and sustainability of the Island.

"Since the initial announcement last year, I am pleased to see the progress the first three developers have made, with Tevir Group receiving full planning permission for Villiers Square which is now progressing to the delivery phase in the coming months and planning in progress for their Ocean Castle development as well as Dandara’s Lake Road development."

Dr Alex Allinson MHK, Treasury Minister, said: "Through funding from the Economic Strategy Board, we are supporting and incentivising private sector investment into our Island, aligning to the ambition to see £1bn invested over the long term, which in turn will allow us to further create an environment that is vibrant, sustainable, and attractive for all.

"This support for private sector investment is a key aspect of this Government’s regeneration approach, complementing the direct efforts of the publicly owned Manx Development Corporation (MDC), which is advancing plans for government-owned brownfield sites and contributing to the overall revitalisation of brownfield sites across our Island."

He added: "This further announcement is a significant milestone in regenerating brownfield sites into new developments and reflects the core principles of the Island Plan, aiming to build strong communities and ensure a more secure, vibrant, and sustainable future for the Isle of Man."

In addition to Lord Street, the Island Infrastructure Scheme has provisionally supported funding for three other sites; two in lower Douglas, which will see the redevelopment of Villiers Square on Loch Promenade and Lake Road into residential and leisure facilities.

The final application supported in principle, Ocean Castle in Port Erin, seeks to provide residential accommodation, bringing the total proposed housing units supported through the Scheme to over 170, which is said to support government's aim of 1,000 additional homes occupied by the end of 2026.