The Falkland Islands Government announced on Tuesday that terms have been agreed, subject to contract and planning, for the sale of a 15.2 acre site to Argos Developments Ltd. with the purpose of encouraging private investment in house building.
The land, which is adjacent to Mink Park, is currently owned by the Government and is zoned in the Development Plan for housing, leisure and commercial development.
Argos is working with the Government to assess the infrastructure required and to review the planning requirements which should enable the signing of the contract in February 2019.
Argos has proposed delivering a high quality development with a predominantly low density residential element, which supports Government’s policy of encouraging private investment in private house building to support the economy and satisfy the demands of a growing population.
Barry Rowland, Chief Executive of the Falkland Islands Government, said: “This is excellent news for the community as it will maximise the use of the site for the benefit of everyone. As a Government we have a series of housing and planning objectives in place to support the continued economic growth of the Islands; by attracting the right type of private sector investment to meet these needs we can be confident that our plans for continuing to develop the prosperity of the Falkland Islands will be realised.”
Andrew Newman, Director, Argos Developments Limited, said: “We are delighted to have reached agreement with FIG to enable us to acquire land to progress our vision for a multi-use development to the West of Stanley. We look forward to working with the planning department to create a high-quality development that will be sympathetic to the character of the area.”