Developer, Hartford Homes, has bought the Bay Queen Hotel site in Port St Mary for four million pounds.
The deal was brokered by international property firm, Knight Frank.
The one acre site, which overlooks Port St Mary Bay. has planning permission for two apartment blocks with 56 homes and underground car parking.
When the land went to tender, Hartford Homes bought the hotel building as well as the surrounding land, with the deal wrapped up in one week.
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