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.
New laws for young workers come into force today
New government regulations strengthening protections for children in part-time work have come into force today, Wednesday, April 1.
Manx Care extends mental health service to more surgeries
Manx Care's announced it's expanding a new mental health service to nine more GP practices.
Bus Vannin confirms normal services to run over Easter
Bus Vannin says services will be running as normal during the Easter weekend.
Steam Packet's new Northern Irish route launches today
The Steam Packet's officially launched its new Northern Irish route.
Creamery reassures milk buyers over price rise
Isle of Man Creamery has moved to reassure customers over the price of its milk.
April fool - did you get caught this morning?!
The Isle of Man's seen its fair share of online pranks this morning.
Tea room shuts its doors for good
A tea room in the west of the Island has announced it's closed down.
Milk up more than 5p a pint from today
The price of milk has risen by almost twice the rate of inflation today.
