The group that has bought the Villiers site in Douglas says it signals their ambition to develop projects that benefit the whole Island.
Along with that location, Tevir Group also recently acquired the Castle Mona Hotel and former Zurich House in the town.
The organisation says this will 'ultimately benefit the local business community, residents and the broader economy.'
The Villiers site includes Villiers House, Clarendon House, a development plot and the area known as the 'town square'.
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