Monument Plaza developers pay substantially increased premium, following scrapping College plans

Developers behind Monument Plaza have had to pay an addition 4.5 million pounds in premium, now they're not going to build the Gibraltar College at the site. 

Government is yet to do a costing to work out the price of building the College.

Originally the Gibraltar College was going to go behind the Cross of Sacrifice and form part of wider plans to develop the area, with those behind the Monument Plaza project covering the cost.

However, the Government then announced plans were scrapped to ensure faster delivery, describing the site as complex. 

It said the College would instead go at Europa Point, with plans recently approved by the DPC.

In answer to GBC questions, following the approval, the Government has confirmed the Monument Plaza developers have paid an 8 million pound premium, as opposed to an original amount of 3.5 million. 

The Government told GBC the £8million does not include the plot to the north of the Cross of Sacrifice - which is where the College was going to go. Number Six says the plot will remain available to raise additional income in the future.

Government says the College should be funded by the premium which is raised from those two sites.

When asked how much the college will cost to build, Government told GBC a detailed costing for the Gibraltar College will now be produced based on the full planning permission. It highlights this was only granted around two weeks ago.