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£1.1billion investment into Eastside Project

11 Jan 2015

The Eastside Project - to be named Bluewater Gibraltar - will see the creation of 450 high-end apartments, and over 1,000 affordable apartments to be available on the Government co-ownership scheme. The project will see an investment of £1.1billion - described by the Chief Minister as the largest ever inward investment into Gibraltar.

After a tender process which began last year, final negotiations have been entered into with Gibraltar company, Camoren Holdings Ltd. Bluewater Gibraltar will include a super yacht marina, a five star hotel, promenade, commercial area, public pool and multi-storey car park.

The bid will provide £83million of premium to the Government, with what’s become known as “the mountain of rubble” also sold for £4.75million. The Environmental Impact Assessment is being finalised, with work also to begin on the details of the design.

The first year of development will deal entirely with infrastructure, with construction of the sea wall expected to start in autumn and end by next July. With around 900 jobs to be created in construction, the development is envisioned to take five years to complete.

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