An inspection commissioned by the Department of Environment, Food and Agriculture questions previous recommendations that Tramway Terrace be demolished.
The property is designated as a Registered Building, and so demolition should only be considered as a last resort.
The new report, by Mann Williams Engineers, says various other reports have either only focused on a small proportion of the building or have been based on comments made by others.
It adds that a report commissioned by the DOI in 2018 advised a number of repairs, which have not been carried out, resulting in further deterioration.
It concludes that a significant proportion of the current condition of the building is a result of failure to repair and maintain this registered building, and says it is repairable.
Two more schemes backed by government fund
Island to get Bikesafe scheme for first time
Jurby Junk's Stella dies aged 90
No plans to publish UK's assisted dying letters
Burst water main disrupts Onchan supply
Government advice following spike in data breaches
Plans for four-foot flood walls at Ramsey harbour
Garage blaze in the early hours of this morning