Standard Bank has committed its long term future to the Isle of Man by signing a new 12- year lease at the 24,000 sqft Standard Bank House at 1, Circular Road, Douglas.

It’s being hailed in the business community as a major boost to the office market in the capital.

Negotiations began pre-Covid 19 and were then put on hold, with the new lease finally concluding on October 1.

Chris Till, the chief executive of Standard Bank IoM Ltd, said: ’We are delighted to have agreed a new lease for Standard Bank House which the business moved into when it was built, so we have a long and happy association with the building.

’Standard Bank has had a presence in the Isle of Man since 1992 and this lease term will take us through to what will be our 40th anniversary in 2032.

’This will enable us to concentrate on growing the business in the Isle of Man and invest in the space over time as we respond to the changing working needs of the bank.’

Michael Jones, on behalf of the owners Aston Property Ventures, said: ’We are very pleased that Standard Bank have completed a new long term lease, having originally occupied the building from completion of construction in 1998.

’They are synonymous with this prominent building in Douglas, and it shows that despite Covid times there is a real need for high quality office space and working environment.’

Mark Grace, commercial director of Black Grace Cowley, acted on behalf of Standard Bank throughout negotiations, and Callin Wild and Cains represented landlord and tenant respectively.

Mr Grace said: ’2020 will be seen as a most unusual year in many respects.

’But the strength of the local office market has shone through with a number of major lettings in Douglas including four floors at 55 Athol Street, Lloyds Bank moving to Villiers, and this deal with Standard Bank.

’These lettings confirm that despite an unprecedented situation, the right buildings will continue to attract top tenants.

’Standard Bank House is certainly one of the best located and specified buildings in the town.’

Manx poet, scholar and theologian TE Brown’s statue stands outside the bank building.