Plans to redevelop North Quay in Douglas have been refused by the government's planning committee.
Kelproperties hoped to turn the old Newson's building into bars, restaurants and apartments and call the £8m site 'Merchant's Place.'
The company says the main reason for planning objection to this proposal is the demolition of Registered Buildings 27 & 28 North Quay.
It adds that the planning meeting 'did not have access to well-balanced information,' and it makes 'very little sense' that the application was refused.
The property is now for sale and interested buyers can contact Cowley Groves for more information.
One weekend sailing cancelled, others at risk because of weather
Politician questions risk of Easter meningitis outbreak
Firefighters tackle flat fire down South
Weather warning for storm Dave this weekend
Roads to close for music festival this weekend
How long do mental health patients stay in Manannan Court?
Could you take over this former restaurant?
Framework of new Sea Services Agreement ready, says minister