A new 37-apartment building will only be available for short-term rental, the Treasury Minister has revealed.

At this week’s Tynwald sitting, Douglas Central MHK Chris Thomas asked Treasury Minister Dr Alex Allinson how, by whom, and at what rent the Thie Clag apartments will be let, whether he expects rent income to cover costs and how any deficiency will be financed.

Dr Allinson told Tynwald Cowley Grove has been appointed the letting agent and outlined the rental costs.

He said: ‘Rental rates will start at £795 per month for a one-bedroom apartment to £1,100 per month for a two-bedroom apartment. There will also be rental income from the commercial unit on the ground floor.

‘Based on the business case presented to treasury the Manx Development Corporation (MDC) is not expecting a deficiency between rental income and ongoing running costs.

‘Interest in renting these apartments has been considerable. They ran two open days and over 200 people expressed an interest

‘I don’t think there are any major concerns about any payment deficiencies. The MDC is very confident it will achieve the returned it is seeking.

Onchan MHK Julie Edge then asked whether the minister could confirm these flats were just for one year and where people go after that?

Dr Allinson said: ‘It was absolutely the ethos that people could use this accommodation, find their feet in our capital city and then move on either through further rental or by buying their own homes. These are short-term lets for 12 months.’

Dr Allinson was also questioned on why the flats were not made available to departments to rent out to public key workers.

He explained: ‘The MDC approached all departments and asked if they wanted to reserve some of these flats for their workers and none of those departments came forward with firm proposals although some did express an interest but could not commit.

The Isle of Man Government-owned Manx Development Corporation (MDC) has completed its first project with the new apartment building opening next month.

Thie Clag - Manx Gaelic for Clock House – is now home to 37 new apartments (20 one-bed and 17 two-bed) plus a commercial unit and Changing Places facility on the ground floor when it opens officially on May 1.

Thie Clag is the MDC’s first completed project since the arms-length company was established in 2021.

The scheme has seen the former nurses’ home in Westmoreland Road in Douglas transformed into the new apartments.

Last week, Chief Minister Alfred Cannan visited the newly completed redevelopment and was shown around by MDC’s managing director Dane Harrop.

Originally 126 individual bedsits for nurses working at Noble’s Hospital, the building was constructed in 1953 as part of the Noble’s Hospital complex but it had fallen into a state of deterioration in recent years.

The £11 million scheme by the Manx Development Corporation (MDC) will provide 37 brand-new apartments alongside a large ground floor commercial unit.