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.
Tender process on sea wall to start this year, says DOI
The Department of Infrastructure says it'll start a tendering process to finish the sea wall in Douglas late this year.
Firefighters tackle 'severe' garage blaze this morning
The Fire and Rescue Service says it dealt with two incidents over the weekend.
Exhausted reserves forced 23.6% rate rise, say commissioners
Michael Commissioners say this year's rates rise is more than seven times higher than inflation because there's no money left to soften the blow.
Weather warning for heavy rain today
Ronaldsway Met Office has issued a yellow weather warning for heavy rain today.
How many government workers take sabbatical?
How many government workers have gone on sabbatical leave over the past three years?
Police: non-life threatening injuries in Ramsey incident
Police say this afternoon's incident in Ramsey involved a man being assaulted outside Tesco.
Roundhouse cafe employment tribunal adjourned
An employment tribunal against company which used to run a coffee shop in Braddan's Roundhouse has been adjourned - while a former employee tries to put the company back on the register.
Two in custody after Ramsey incident, police say
Police say it was an 'isolated incident' which they dealt with at Tesco in Ramsey, with two suspects now in custody.
