Yahoo Finance Nurses' home revamp on schedule, developer says
The regeneration of a former nurses' home on the Isle of Man should be completed "on schedule" by early 2025, a Manx development firm has said.
It was recently revealed the cost of the Manx Development Corporation's (MDC) overhaul of the site on Westmoreland Road in Douglas had increased from £8.9m in 2022 to £11.03m.
The government-backed firm said "enabling works" such as asbestos removal and increases in construction costs as do to the knock-on effect of war in Ukraine on inflation.
But managing director Dane Harrop said the scheme, which features a mix of 37 one and two-bedroom flats, and aims to bring "an iconic building back to life" and was "well on its way".
The pipes and wires and the concrete floor of a new fifth storey had been installed and plaster boarding of the interior was also due to begin, he said.
The MDC was set up in 2021 with the approval of Tynwald to develop abandoned sites across the island with the Treasury as the sole shareholder of the arms-length commercial company.
Treasury Minister Alex Allinson recently confirmed the cost increases to the project in a Tynwald written answer.
The former nurses' home, which was built in 1953 when Noble's Hospital was in Douglas, had fallen out of use and became the MDC's first project.
Non-executive director David Peach said a "positive profit" should be returned over time after the new flats have been let by the firm.
He also confirmed the company had been "engaging" with local authorities outside of the capital and further potential projects were in the "pipeline".
The firm's second project, for the 133-home Westmoreland Village nearby, was backed by planners last month.
Mr Harrop said although the developers faced challenges such as importing specialist contractors, and higher VAT thresholds for redevelopment over new-builds, he hoped the project would have a ripple effect on the area and the construction industry.
He said he hoped "lessons can be learned for wider parties" on the island to consider "reimagining" older buildings.
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