PORTLAND Co-operative Credit Union will form a new subsidiary to unlock value from 38 acres of land it owns in Norwich Heights, potentially creating one of the largest member-focused residential subdivisions in the parish while generating a new income stream for the member-owned financial institution.

The credit union won unanimous approval from the 280 members present at Thursday’s annual general meeting to amend its rules to allow the creation of the wholly owned subsidiary that would oversee the development and sale of at least 140 residential lots on the Norwich Heights lands.

General Manager Martin Blackwood said the proposed subsidiary would be established solely to carry out the project and would eventually be wound up once the development is completed.