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.
Wildlife surveys near proposed windfarm site this week
A team of ecologists will be surveying wildlife in the south of the Island near a planned windfarm next week.
Manx Care reprimanded over former worker's data access failings
Manx Care's been rapped for dragging its heels under data protection laws.
Government announces pay deal with unions
The government says it's reached a pay deal with two public sector unions.
Museum plans memorial for lost aviators
Ballasalla could be getting a monument to flyers and aviators who never made it home again.
Drone investigation suggests radio interference at work
A UK investigator says radio interference may have been behind a drone's strange behaviour in the south of the Island.
MHK questions minimum wage tax and NI payments
How much did minimum wage workers pay into government coffers last year?
Former Montpelier boss faces bankruptcy hearing
The multimillionaire head of a former trust company that went into liquidation could be declared bankrupt this summer.
Commissioners disappointed over end of police drop-ins
Commissioners in Onchan say they're sad to see the end of community police drop-in sessions for the village.
