Plans to transform a former Barclays bank in Castletown into a heritage hub are set to cost £315,309, Tynwald has heard.
Enterprise Minister Tim Johnston confirmed the projected spend for Number One Market Square, which will be funded from Manx National Heritage reserves rather than the annual Treasury grant.
Mr Johnston said the building is intended to serve as “a heritage hub in the ancient capital, showcasing the heritage of the Isle of Man and stimulating increased footfall, which will have a net economic benefit to the commercial heart of the town.”
The property was previously offered for rent with a full repairing and insurance lease, which Mr Moorhouse suggested may have deterred potential tenants.
However, Mr Johnston said: “Manx National Heritage did not design the lease terms to deter prospective tenants. Repair and conservation works were necessary, regardless of the building’s future use.”
The minister added that a second phase will look to repurpose the upstairs space into office accommodation for up to 10 people.