Government has confirmed it has offered the Manx Educational Foundation the chance to purchase the Nunnery site for £5 million.
The site has been earmarked as the location for the multi-million pound International Centre for Technology.A six-month period of detailed discussions has now been entered into between government and the MEF.
During this time there will be no discussions with any other perspective purchasers.
If a number of conditions are met the MEF will make the purchase and work will start on transforming the site.
Economic Development Minister John Shimmin has branded a fantastic opportunity for the Island:
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