MP Bob Seely said: “I am delighted that the IW Council has now completed the purchase of Venture Quays and I congratulate members for taking this bold step to acquire key employment land that will help to safeguard Island jobs - despite the financial challenges the council faces.
“It has been a very long and bumpy road we have been fighting the government for two years to get to this point. Their original plan was flawed but we worked hard to ensure Homes England did the right thing by the Island. Working together we secured the site at a price that the Island could justify and I’m pleased the negotiations have concluded in a positive result for Islanders.
“By closing this deal, brownfield land can be brought forward for housing development which negates the need to build on other greenfield sites.
“I look forward to continuing to work with the council to look at other ways we can safeguard jobs and create new opportunities to build affordable homes for Islanders in appropriate places.”