Douglas Councillor Foresees ‘Double Benefit’ from Sale of 1930s Flats

A councillor has stated that the sale of a block of former local authority flats, constructed in the 1930s, is expected to offer a “double benefit” to the inhabitants of the Isle of Man’s capital. Douglas Council has disclosed its intentions to sell the 56-unit property located on Lord Street. This building has remained vacant since its previous tenants relocated to new residences in 2022. According to Devon Watson, chairman of the Housing Committee, proceeds generated from the sale could be allocated to finance the development of more social housing units in other parts of the city. He further noted that after its sale, the site itself could be redeveloped to accommodate as many as 50 new homes, intended for either private rental or purchase, thereby addressing demand within that particular market segment. Watson explained that the committee had been “working through” various options, including securing funding for the site’s redevelopment or selling it to a developer, who would subsequently undergo a vetting process. Nevertheless, he stated that the choice not to undertake the redevelopment work internally was based on a “cost versus benefit” analysis. He elaborated that the Council could achieve “more mileage” by utilizing the funds from the sale to construct homes adhering to modern standards on a new parcel of land, rather than redeveloping the existing site. He added, “This is the strategy that we’ve worked out using our algorithms and formulas that can get us the maximum amount of bang for buck in properties.” Watson emphasized the Council’s desire for the Lord Street location to continue serving as housing, although he indicated that all categories of proposals would be assessed. He further mentioned that expanding the council’s housing inventory was crucial to assist “renters who are suffering from rent prices” and also to “reduce the burden” on ratepayers by increasing the number of properties subject to rates.