After months of discussions, the Gibraltar government has granted a new lease for the dockyard premises to Balaena Propco Limited, part of the Balaena Limited group of companies who announced earlier this week that they had acquired Gibdock.
The Balaena group is an offshore utilities business, operating out of the United Kingdom. The ultimate beneficial owner of these companies is Simon Gillett, a British entrepreneur based in the UK.
The new lease contains several changes to the previous one, including a stipulation that no noisy works are permitted to be carried out between 8pm and 8am.
This will come as a relief to people living near the dockyard, who have complained in the past about being disturbed at anti-social hours.