The Isle of Wight Council has upped the price of land at St George’s Way in Newport by £175,000, after its prospective buyers requested the option to be able to build a hotel or a larger food store there.
South Coast Leisure (SCL) – which has already submitted plans to build a retail park on St George’s Park – wants to purchase land adjacent to the stadium.
It had agreed a price with the local authority in 2015 – but for ‘non-food retail or light industrial uses’ only.
Since then two requests to vary the option have been received from the company to ‘better meet market demand’. The first request was granted last year.
The Isle of Wight Council says a second has now been submitted. This includes the option of an additional 400 square feet for a food retail store, as well as the option of allowing hotel use if SLC so wishes.
The local authority says as a result of the adjustments, the land value has jumped from £350,000 to £525,000.
SCL has agreed to pay the higher price if the variations are approved.
The Isle of Wight Council is recommending agreeing to the terms of SCL’s request and amending the wording.
A decision will not be made before 21 May.