Project Costs & Funding

Indicative Project Costs & Funding

The accommodation area of the centre is anticipated at around 3,250m2 and typically costs for this type of project are in the region of £3,500-£4,500/m2. It is anticipated therefore that the total project cost will be £20m.

Various business modelling scenarios have been considered and at a median forecast of visitor numbers and spend, the proposed centre can be sustainable and generate sufficient reserves to allow for reinvestment.

A project scoping document has been prepared which sets out the detail of
the project. It is felt by the Iolaire Centre Working Group that a significant part of the funding should come from the public, but that the substantial part of the capital funding could come from other sources such as the Scottish and UK Governments, lottery funds, Highlands and Islands Enterprise, Comhairle nan Eilean Siar, and private trusts and foundations.

The Working Group plans to engage a project manager to commence the work on project plan development and funding in early 2019. It is hoped that if successful and the public remain so supportive that the Iolaire Centre may be opened in 2023/24.

Currently, a charity has been formed and a website established which will keep stakeholders updated on the project and serve as a portal for fundraising through charity memberships and donations.