The future of Venture Quays has finally been settled, after the Isle of Wight Council completed the purchase of the iconic East Cowes site.
The £1.3 million acquisition follows many months of negotiations with Homes England and a Cabinet commitment to purchase the land which includes the historic Columbine site — famous for its huge Union flag doors.
As Isle of Wight Radio previously reported, the council agreed to move ahead with the deal in July.
Councillor Wayne Whittle, Cabinet member for regeneration and business development, said:
"This fulfils our commitment to acquire this important asset and will enable us to take forward our plans that support both East Cowes and the wider Island community.
"At a time when we know the Island economy is under pressure, affecting homes and jobs, I am pleased we can now announce this good news.
"It also allows us to progress development of housing for the community in the area and more information on this will follow on this shortly.”
It is hoped investing in the prime waterfront site — with its crucial deep water access — will preserve key employment land for the benefit of the Island's workforce for many years to come.
Council leader Dave Stewart said:
"The purchase of the Venture Quays sites was a flagship investment opportunity highlighted by Boris Johnson when he visited the Island in 2019.
"Despite the clear economic challenges presented by the pandemic, acquiring these sites will protect Island jobs and preserve marine engineering in this location, as well as provide land for housing on a brownfield site.
"This ambitious project is an excellent example of how the council is helping our economy to recover from the ravages of coronavirus and supporting local business."
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