MIDI plc - Issue of Building Permits

On 20 January, MIDI plc announced that the Malta Environment and Planning Authority approved MIDI’s development plans for the T14 office block and two 14-storey residential blocks known as T17. The T14 business centre will consist of a 9-storey office block providing a total of 12,000 sqm of rentable office space including an underlying car park. The residential developments will consist of two 14-storey blocks comprising 102 apartments and catering outlets at ground floor. Both the T14 and T17 developments are located adjacent to the Garden Battery, in the north-west of the Tigné Point Development Site.

MIDI also confirmed (as announced by the Company on 10 November) that the proposed 23-storey Tower Block on the North Side of Tigne will no longer be developed and the area will include extended open spaces with minimal commercial offers. However, MIDI confirmed that overall development volumes at the Tigne Point site following these new permits will  remain in line with the Outline Development Permit issued back in 1999. In fact, MIDI explained that the expected revenue streams from the remaining phases at Tigne Point will not be adversely affected.

MEPA also  granted a full development permit for the rehabilitation and re-use of the Lazzaretto complex on Manoel Island. The Lazzaretto complex will include the development of a casino, offices and residential units including an underground car park.