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 ferry sailings rescheduled in face of bad weather
Island's top boxer announces huge comeback on Netflix
Warning issued as firefighters tackle Union Mills blaze
Grate job opportunity - for trainee cheesemaker!
Traitors... tonight you will murder a meal!
Minister says government will prepare better for bad weather
MHK 'won't sign' laws stripping bishop's Tynwald vote
Part of TT course to shut for Storm Chandra cleanup