A NEW car park — which creates 48 new East Cowes town centre spaces — was been officially declared open for business.

The project on Well Road began at the end of last year when Red Funnel teamed up with Stoneham's Construction and Britannia Parking to convert the previously boarded-up space.

This morning (Friday), representatives from the three firms and a selection of guests attended a ribbon-cutting.

Mayor Peter Lloyd said: "East Cowes Town Centre has been in desperate need of more parking, so the addition of the Well Road Car Park is very welcome indeed and will help support local commerce.

"I’m thrilled that Red Funnel was able to step forward and bring this solution to life. It’s a great win for residents and visitors alike."

The spaces offer the option for both short and long-term and overnight parking, with rates starting at £1 for up to an hour and £10 for 24 hours.

Customers will be able to pay for parking on arrival and also by phone or online. It is fully CCTV protected.

Mark Slawson, operations director for Red Funnel, said: "From speaking with key stakeholders and residents in East Cowes we knew there was a pressing need for a parking solution. As we had the capacity to help solve the problem, we did. It was just the right thing to do.

"From giving tourists coming through East Cowes somewhere to park and stay awhile, to giving Islanders the option to leave their car near the terminal and walk on board the ferry, and simply giving residents a place to park in town, the car park is a win on many fronts and we’re so pleased about that. We’d also like to say a very special thanks to our friends at Stoneham’s Construction and Britannia Parking for being brilliant partners on this project."