Middlemarch site sold for profit
The Infrastructure Minister says the sale of the Middlemarch site in Douglas is good news for the Isle of Man.
The Manx Government recently completed the sale of the site to Auldyn Properties, which is the largest shareholder of Sefton Group.
Ray Harmer confirmed at this week's sitting of the House of Keys that the site was sold for almost £4m - over quarter of a million pounds more than the Government paid for the land in 2013.
Sefton intends to use the site to build a new hotel and casino, as well as leisure facilities and a car park.
Mr Harmer says the plans are part of the overall regeneration of Douglas, with huge changes expected in the next five years.