FAQ

MDC is part of the Government’s strategy for realising economic and social value through unlocking land and property assets. As such, MDC’s start-up costs are being met by the Economic Recovery Fund but the Shareholder Agreement with Treasury makes it clear that that the Company will deliver a return on investment by way of the income generated from completed projects and the provision of property development services. Within the Government’s Our Island Plan, MDC is tasked with reviving urban landscapes and improving the public realm in a sustainable way by transforming Government owned brownfield sites. These sites are complex, with many having sat undeveloped for many years, have deteriorated in condition and therefore carry significant risk for any property developer. Initially, we will utilise Government investment funding for the Government owned sites in order to manage those risks and develop sustainably. MDC has a unique role in assisting Government to strike the balance between generating an acceptable yield on its investment with a significant social need for appropriate housing options for Manx residents and for attracting economically active people with much needed skills to live on the Island. Local companies are already working with us collaboratively to deliver value for Manx citizens.

Our first priority is to implement the Strategic Direction set by the Government’s Brownfield Regeneration Steering Group (BRSG) and this has prioritised the Government owned sites in Douglas. However, our scope is much broader and will respond to Island-wide needs within a context of sustainable development. We envisage joint ventures with local authorities and private developers/contractors and we will continue to identify ways to support the Government in creating more housing options. We have in-house expertise in project management, commercial, residential, educational sector design and development and in conducting feasibility studies. On top of this, we have significant experience in sustainable “green” builds.

We are keen to develop win-win relationships and utilise the expertise on the Island wherever practicable and economically viable. Our procurement process is different to the Government’s and this is giving us the opportunity to build long-term relationships with local service providers. It is through the procurement process that we have identified a number of skill gaps on-Island, particularly in the area of sustainability and regeneration within the built environment. As a catalyst for regeneration, we are keen to increase local expertise and to encourage other Island-based service providers and educators to incorporate sustainable regeneration methodologies into their business models, toolkits and apprenticeship programmes. We have embarked on a stakeholder engagement programme to identify needs and gain insights on how Island residents, the business communities and local authorities envisage sustainable development within brownfield and urban settings.