There are many issues about the Eastside deal that require further analysis, and the Party hopes the Government will be forthcoming in disclosing all the details of said deal.

Firstly, the party would like to remind the people of Gibraltar that selling off our limited, developable land is pretty much tantamount to Government “putting their hands into the taxpayers’ coffers”, something that they are congratulating themselves for not doing. When you have an extremely scarce resource like land and you sell it off, you are ultimately making use of Gibraltar’s resources, and depriving future generations from being able to make use of that resource.

The most important questions are: does this use of limited resources provide the taxpayer with adequate value for money, and does it fulfil the socioeconomic needs of the people of Gibraltar, or is it a bail-out for a flailing administration that has spent irresponsibly?

The deal will include the development of a marina for vessels including high value superyachts with an outer wall that will have the coastal protection effect of protecting the Eastside Plot as a whole with a value estimated to be in the region of £100m . This is the equivalent of selling off our coastline and access to the sea to a private concern. Is this a sound idea considering the kind of activities we are used to seeing in and around our waters?

TNG Global Foundation will construct 400 berths for small boats, which will be allocated to those on the Port authority waiting list on the same sale and rental terms of the one in Mid Harbours.  TG believes owning boats is a luxury that, particularly at this stage, should not be subsidised by the taxpayer. There are plenty other things that should be prioritised before spending more money on berths, such as our flailing health service and government rental housing for those who cannot afford to buy property in Gibraltar.  Furthermore, the marina on the west side cost £25m for 700 berths, which represents a significant lower price than what we will be getting with this deal  £20m for 400.

Low cost housing cannot be included as a benefit when TNG will recoup all of their costs (and possibly more). This is more like a “lower profit” concession from the developer, a profit which will ultimately still be subsidised by the taxpayer.  At £3,000/sqm, this development will not be affordable for low wage earners or those in the housing list that need it the most.  

The rubble mountain disposal has been valued at £60m. TG would like to remind the electorate that in 2015, the Government was going to sell this pile of rubble for just under £5m. When the Victoria Keys development was announced, the developer was going to cover costs of removing and reusing this rubble, and now the removal of this mountain of rubble is being sold to the taxpayer as a saving of £60m. Questions must be answered as to the enormous disparity in the different deals announced.

Finally we would also like to remind the electorate of the risks of putting “all our eggs in one basket” with regards investment. As many Gibraltarians will remember, OEM, the company contracted by the GSD to build Nelson's View, Cumberland Terraces, Bay View Terraces and North Gorge went bankrupt halfway through construction, leaving the Government to pick up the pieces at great cost to the taxpayer and massive delays in construction. Currently, we are seeing the TNG group invest aggressively and take on several important real estate development projects, much like OEM. We are aware there are some differences between both entities, but we also must remember the potential for issues when Government puts all its eggs in one basket. Such was the position of the GSLP in the Caruana days.

TG looks forward to receiving full disclosure of the terms and conditions of the deal, ideally before it is signed and binding, and will continue to finely scrutinise each and every project that uses our limited land resources.