TNG Global pays Government premium of £90 million for Eastside

TNG Global has now paid the Government a premium of £90 million for the Eastside.

It's the first in a series of investments which Number Six expects to have an economic impact of around £2.75 billion.

The heads of agreement for the Eastside Project was signed in 2021.

At the time it was agreed the down payment of £90 million would be made once outline planning permission was granted - this has now happened.

According to Number Six, TNG has already made huge progress on the revetment works for Phase 2 of Hassan Centenary Terraces.

The value of these works to the taxpayer is in excess of £9m to date.

These works will be followed by coastal protection works that will require the construction of a revetment worth more than £100m .

These are essential works for the protection of the existing reclamation, without which the project would not be able to proceed.

The agreements confirm the construction of the affordable homes, berths and parking announced in 2021, as well as free summer parking and the use of the rubble mountain as part of the project.

Chief Minister Fabian Picardo said this was a very positive step in the delivery of a great project on the Eastside for the benefit of the whole community.