Canaccord Genuity is to be the first tenant of a multi-million- pound office development which is set to bring a boost to the business heart of the capital.

’55 Athol Street’ has been the subject of significant investment by the Tevir Group. It used to be the home of Zurich International before the company moved to the Isle of Man business park.

It promises to be a welcome tonic for the street, the traditional home for businesses including finance companies and advocates.

Canaccord, currently based nearby at Anglo International House in Bank Hill, will be occupying the whole of the ground floor of the building.

The company is expected to move towards the end of the summer.

Tevir Group has also issued an update on its development of the former Villiers Hotel site. Described as a privately-held investment management group, Tevir has also bought the Castle Mona Hotel.

The Athol Street development is being extensively refurbished and will offer a number of features designed to ensure a high level of employee wellbeing, including a gym, changing rooms and showers, bike park, breakout areas and ’excellent levels’ of natural light.

Ciaran Doherty, managing director, Tevir Group, said: ’We are delighted to welcome Canaccord Genuity Wealth Management as our first tenant. 55 Athol Street represents a significant investment by the Tevir Group into the Isle of Man’s built infrastructure, providing Grade A commercial accommodation in central Douglas.

’We are working with Excel Construction Group to transform the property into a contemporary, commercial space for firms in the Isle of Man seeking a high-quality working environment for their employees.’

Dermot Hamill, head of wealth management, Canaccord Genuity Isle of Man, said: ’The Athol Street development is a good example of the island providing the right environment in which modern businesses can flourish.

’We are very happy with our upcoming move, which restates our commitment to the Isle of Man and our clients.

’Our new office has more useable and efficient space and offers greater accessibility for both clients and staff - particularly important following our recent acquisition of the private client business of Thomas Miller Investment.’

A spokesman for Tevir said that following the completion of the purchase of the Villiers site towards the end of October 2018, the Tevir Group has been undertaking significant work on the Villiers site.

He said: ’Villiers House (formerly Royal Bank House) is undergoing an extensive refurbishment and there is currently significant interest in this property, for which discussions are ongoing.

’The plot of land immediately adjacent to Villiers House is currently being utilised by the contractors working on its refurbishment, but it is hoped that firm plans for this part of the site can be announced in the not too distant future.

’Plans for the first stage of improvements to the Town Square area have been developed and will be submitted to planning imminently.

’The intention is to create an attractive social space in central Douglas that can be enjoyed by everyone.’