THE transformation of Watchet’s East Quay will finally get underway this autumn if West Somerset Council agrees next week to provide a £1.5 million bridging loan to kick-start the £7 million project.

At a meeting on Monday, the shadow executive of Somerset West and Taunton Council – which becomes the new district authority in April – agreed to lend Watchet’s Onion Collective the money for up to 30 years.

That will enable the community interest company to begin work on the former dock site while awaiting the outcome of further funding bids.

Those include £5 million from the Big Lottery’s coastal communities fund.

The money will finance a futuristic development of holiday accommodation, art gallery, restaurant, workshops and exhibition space.

The final decision on the loan will be taken by West Somerset Council on Wednesday (February 20).

Onion Collective director Jess Prendergrast told the Free Press: “We are delighted that the shadow executive was so positive and are hopeful that this will be formally agreed by full council.”

She said the decision pointed to an exciting future for the town, combining the needs and hopes of local people and attracting visitors from far afield.

“In this way we can develop our public places to benefit the town and its townsfolk, rather than sell off our spaces for commercial profit alone.”

In a report to the shadow executive, the council’s locations manager Chris Hall said the Onion Collective had so far secured £150,000 from the Esmee Fairbairn Foundation, £120,000 from the Social Investment Business Group’s community regeneration fund and £91,000 from the Arts Council.

It was also hoping to secure £250,000 of Magnox funding and was bidding for £500,000 from the Arts Council Small Capital Fund.

If the bid to the Big Lottery is successful, the funding gap could be as low as £889,000 and the Onion Collective has assured the council it will only call on the loan as a last resort if funding is not available from elsewhere.

Buy today’s Free Press for the full report.