The Government has announced that it has signed Heads of Terms for an agreement for the development of the Eastside Project. The TNG Global Foundation were awarded development rights over the plot.
A statement from the Government follows below:
- £90M CASH PAYMENT
- £18M VALUE OF REVETMENT WORKS FOR HASSANS CENTENARY TERRACES
- £100M VALUE OF REVETMENT WORKS FOR THE WHOLE OF THE EASTSIDE
- £30M VALUE OF 100 AFFORDABLE HOMES FOR SALE AT NO MORE THAN £3Kper sqm
- £20M VALUE OF 400 SMALL BOAT BERTHS PROVIDED FOR PORT WAITING LIST
- £12M VALUE OF FREE PARKING IN SUMMER RETAINED
- £60M VALUE OF REMOVAL OF RUBBLE FROM EASTSIDE
- £2.5 BILLION APPROX ECONOMIC IMPACT OVER 10 YEARS
Her Majesty’s Government of Gibraltar are delighted to announce that its signed Heads of Terms for an agreement for the development of the Eastside Reclamation.
The TNG Global Foundation is the HIGHEST BIDDER of all the proposals put to the Government.
The award to the TNG Global Foundation arises from their submission by far exceeding all other expressions of interests for the whole or part of the Eastside Reclamation plot.
The premium payable by the TNG Global Foundation will be the payment in cash of £90,000,000.00 (ninety million pounds sterling), upon (i) the grant of the Environmental Impact Assessment certificates for the construction of the proposed coastal protection project, and of the Eastside Project, and (ii) receipt of outline planning permission for the Eastside Project.
