Manx National Heritage (MNH) owns roughly £8.9 million of property in the Isle of Man.

That is according to the Minister for Enterprise, Tim Johnston, who has responded to a written question from Arbory, Malew and Castletown MHK Jason Moorhouse about the matter.

Mr Johnston also confirmed that MNH owns 21 residential investment properties, 11 commercial units and one farm (Church Farm in Cregneash).

Although Mr Moorhouse asked in the initial question whether the properties had been valued in the last three years, Mr Johnston stated that the only available value data was from 2023.

Last year, residential properties were valued at £6,570,000, while commercial properties equalled £2,317,800 respectively. However, the farm in Cregneash has not yet been valued, meaning the overall figure could be higher than £8.9 million.

Mr Johnston added: ‘Work is underway to complete valuations on the farm and associated land holdings by the end of 2024.

‘The residential properties are not yet registered under the Landlord Registration Scheme, however MNH has advised that it is their intention to work towards voluntary registration in due course.’

Mr Moorhouse claimed that this is the second question he has asked about the MNH, with the first being about ‘asset protection’.

He said: ‘Many constituents have shared their thoughts with me in the past about this and I thought it would be useful to get an update on the property portfolio and a current valuation.

‘When the old police station in Castletown was bought for the nation, it was paid for by the sale of a residential property on Kingswood Grove. Since then, I have been interested in the MNH’s asset base.

‘The answer was impressive from two perspectives - the number of assets and the value of the property. However, I was surprised that they currently own only one farm, and I have contacted them about this.’