The chairman of the Manx Development Corporation (MDC) has expressed frustration at the slow pace at which brownfield sites are being released for redevelopment.

Sean Gilbert said government-owned MDC had to write off £133,000 after being told to stop work at one, unnamed, brownfield site.

But he revealed that it has reached agreement to acquire the former Fairfield School site on Tynwald Street for a housing scheme.

Brief details were given in the directors’ report and accounts for the 12 months ending March 31 this year, which will be laid before this month’s Tynwald sitting.

It shows that the company, which operates at arm’s length from its sole shareholder, the Treasury, made a loss of £859,003 for the year, up from £448,274 in 2023.

But the chairman said this was completely usual for a property development company that has not yet completed any developments.

Much of the scaffolding has been removed from the former Nurses’ Home on Westmoreland Road, with the project on budget and on schedule to be finished in early 2025. It comprises 37 new apartments and also a cafe which will generate rental income for MDC.

But Mr Gilbert said elsewhere progress has been slower than hoped.

He said: ‘I continue to believe that MDC has a very important part to play in the Isle of Man, carrying out developments on sites that have been vacant for many years.

‘The speed at which some of these government owned sites have been made available to MDC for regeneration has been a source of frustration to the board.

‘During the year MDC had to write off £133k of cost incurred on a brownfield site. The work had been carried out with Brownfield Regeneration Steering Committee approvals, but MDC subsequently received instruction from BRSG to cease work on this site.’

Mr Gilbert said MDC has reached agreement with central government to acquire the old Fairfield School site for a residential scheme.

Following the completion of the old Nurses’ Home project, work will start on the adjacent Westmoreland Village scheme, which secured planning approval in February this year.

Based around the 20-minute neighbourhood principle, the development will include 133 dwellings and a community venue in the form of a new Scout Hall along with office and retail space.

During the year, MDC also carried out feasibility works relating to the Parade Street site in lower Douglas with a planning application for a multi-storey car park there to be submitted in the first half of 2025.

Managing director Dane Harrop said a number of feasibility studies and surveys had been carried out on key brownfield sites both inside and outside of Douglas.

‘We anticipate that following further development of these feasibilities we will be in a strong position to share and consult on these key pieces of development in the next financial year,’ he said.

Two subsidiaries of MDC, FNH Ltd and WMV Ltd, also made losses in the year of £131,024 and £5,830 respectively.