Proposals for the redevelopment of the former Casemates prison at Dockyard are to be invited this year, according to the latest annual report from the West End Development Corporation (Wedco).

The Corporation's 2008 report says that "attracting major investment in Dockyard remains paramount" and that it is "working diligently on development initiatives that will result in new revenue streams".

Casemates, according to the report, offers one of the last major development opportunities in Dockyard and could be used for either commercial or residential purposes. Wedco has already asked for proposals to redevelop the Victualling Yard and the report says that there has been "much local and international interest in the site".

"[Wedco] is optimistic that it will be rehabilitated as part of a new development founded on the historic nature of the site."

The annual report says that the second cruise ship terminal at Dockyard will bring substantial investment as well as additional demand on the Corporation's resources.

During the financial year 2007 to 2008, there were 76 visits from cruise ships, with 39 of them overnight stays. The number of passengers — 19,000 — remained about the same as the previous year but spent more time and money at Dockyard.

The report says that illegal dumping at areas such as the Sallyport and Lodge Point remains a major problem for Wedco, which has been in talks with the Police to establish a permanent presence at Dockyard.

Wedco's revenues increased to $6.3 million from $5.9 million between 2007 and 2008, while total expenses rose to $7.5 million. Retained earnings decreased from $20.1 million in 2007 to $19.8 million last year.