The former marine laboratory in Port Erin has been sold by the Department of Infrastructure for £500,000.
It has been purchased by Delgatie Ltd. who plan to replace the existing structures with a 'mixed use development'.
An agreement has also been made to improve the land in front of the building, which will remain in the hands of the government.
Delgatie Ltd are a property development company founded last year operating in the Isle of Man and UK markets.
Island to follow UK cigarette sale ban?
The Isle of Man could ban the sale of cigarettes, cigars and tobacco to anyone born after 2008.
Cast return to Island
90s Indie rockers Cast will be playing on the Island later this year.
Bordello to reopen as Irish pub?
A nightclub which closed last year could return as a theme pub.
Final 'Listening To You' gov roadshow comes to Ramsey tonight
The last in a series of government roadshows will take place this evening in the North.
Small shark tagging crews rewarded for efforts by MWT
Two local fishing crews have been rewarded for their help on a shark tagging project.
Overdose investigation lands woman in court
Investigations into an overdose has landed a woman in court charged with two counts of drug dealing.
Ramsey attempted burglary sparks witness plea
Police are appealing for information after an attempted burglary in Ramsey earlier this week.
Dangerous driving death accused committed to higher court
A Douglas man facing trial for causing death by dangerous driving has been committed to a higher court.
