A GOVERNMENT agency has been instructed to outline plans for a failed regeneration project in East Cowes following pressure from the Island’s MP.

Homes England, which owns the site, will now have to deliver a proposal, which could include an IW Council takeover, this month.

Mr Seely has demanded this speedy action from the government following the collapse of the Venture Quays project at East Cowes marina.

As previously reported by the CP, Hong Kong-based Victoria Quay Estate Limited (VQEL) axed its plans to transform the East Cowes waterfront with a 400-berth marina, plush townhouses, a hotel, bars and manicured public gardens back in November 2018.

It is understood the company was due to invest more than £4 million in the new look ‘Victoria Quay’ project

Communities minister, James Brokenshire, told Mr Seely the agency will come up with plans that secure the ‘long term growth and prosperity of the site’ and safeguard shipbuilding.

Mr Brokenshire told Mr Seely: “It’s imperative that we provide certainty over the site’s future.

“We need to safeguard the vital jobs within the ship building industry which are affected, and to enable further work on plans for long-term growth and prosperity.”

Due to this, Mr Brokenshire has instructed Homes England to consider the options available, including the disposal of the site to the IW Council on acceptable terms, and to present a proposal by the end of January.

Mr Seely is backing the option for council ownership and has asked the government to support this as the best possibility.

The council acquiring the land would ‘drive regeneration in East Cowes and the Island more generally’ according to Mr Seely.

He said: “I continue to push to make sure this site is secured for the good of the Island and for the Island’s vital shipbuilding industry.

“I am glad Government is listening to me and understands the importance of the site to shipbuilding on the Island.”

Mr Seely added he was very pleased the minister for communities agreed that the matter needed to be concluded with all possible haste.

“We need move quickly to give certainty to the industry and secure jobs and investment in East Cowes,” he said. “We also need to start work on a long-term plan for this critical site.”

Mr Seely now plans to press Homes England for their options regarding Venture Quays and said he will make the case strongly that the IW Council needs to be given this site on acceptable terms.