Following a protracted and complex negotiation, the government of Gibraltar has announced a Commercial Master Agreement for the Eastside project – a £1 billion development hailed as the largest inward investment in the jurisdiction’s history “by a very long way.”
The development project consists of up to 2,200 apartments; underground car parks; a 300-boat marina with a boutique cruise liner berth and terminal; a 300-bedroom 4 star hotel; and retail, commercial and office accommodation. It will involve renewal of the area’s infrastructure such as electricity generation and sewerage systems.
The project will also involve the construction of up to 200 affordable homes offsite.
The government has appointed MCB (Gibraltar) Limited as the developer for the project, the main shareholders of which are Multiplex Construction (Pty) Limited (51%) and Aldersgate Investments Limited (49%.)
Multiplex is a company quoted on the Australian Stock Exchange and is Australia’s largest construction company in addition to being a leading property developer in the UK.
The project remains subject to environmental impact assessment, a public consultation process and the grant of outline planning permission. It is envisaged that all these will take up to 14 months. Thereafter, the development would be built in phases over a ten year period.
Commenting on the agreement, Chief Minister Peter Caruana noted: “If, which now seems very likely, this development goes ahead, it will represent a huge boost to the economy, and to the economic and public utilities infrastructure of Gibraltar.”
Caruana added: “It will generate hundreds of jobs during the development phase and hundreds of permanent jobs when ready. This project is the largest ever investment into Gibraltar by a factor of three, and will deliver very significant growth in the size of our economy.”
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