The Douglas Bay Complex, understood to be the largest office building in the island, has been sold.

The business venue, extending to more than 66,000 sq ft and 300 plus parking spaces, had an asking price of nearly £20m.

It stands on the site of the former Douglas Bay Hotel which burned to the ground in 1988.

Property agents, Black Grace Cowley confirmed the sale. Director Mark Grace said that for the third time in 20 years, he and the company have sold the huge property, this time for an undisclosed sum, to Channel Island Investors.

He said: ’To sell an iconic building like this twice in a career was unusual, but to sell it for a third time was quite something.’

He explained freehold owners Flutter Plc, who, earlier this year, were in a ’mega merger’ with one of the existing tenants, PokerStars, inherited the building with the business, but had no requirement to hold on to the building. But he stressed the sale of the building has no impact on the existing tenants, where the head lease is held by Quilter International, who in turn sublet about one third of their space to PokerStars.

Mr Grace said: ’A sale of an asset this size with an asking price of £19.7m required us to undertake widespread marketing around the world, which we undertook in conjunction with our joint agents, JLL, through their Central London office.

’We had good interest last year, but then pulled back during lockdown, and commenced marketing again in quarter two and quarter three, 2020.

’With much of the world still in lockdown, or subject to restrictions, it has been quite the story to find a buyer who was Guernsey based, and therefore we could organise inspections whilst the air corridor was still in operation.

’Certainly one of the more unusual sales I’ve been involved with, and one to remember.’

Mr Grace added: ’Together with the recent office lettings at 55 Athol Street and Villiers, its good that Black Grace Cowley can report some really positive news to finish off 2020, and hopefully provide a great base from which to start 2021.’

Douglas Bay, formerly known as Skandia House, sits on the site of the former Douglas Bay Hotel which originally dominated the Onchan Head skyline until gutted by a fire in 1988.

Prior to demolition, the hotel was built from red brick with a tower at its centre; it also housed the famous Texas Bar, a Wild West-themed saloon bar that was open to both residents and non-residents

A circular tower has been incorporated into the design of the office building, echoing the original hotel structure it replaced.

A spokesman for PokerStars told Business News: ’We can confirm that we have agreed a sale of the freehold of King Edward Bay House.

’This has no impact on our current lease arrangements and King Edward Bay will continue to accommodate the hundreds of staff we employ here. We are committed to our presence on the Isle of Man, which remains an important operational hub.’

Meanwhile Brazilian football star Neymar Jr is re-joining PokerStars in an ambassadorial role. He is said to have a passion for poker.

The signing follows a recent global brand refresh for PokerStars as it says it is looking to move beyond just product in a bid to become a global entertainment brand.

A spokesman said: ’The brand refresh included PokerStars first dedicated safer gambling TV ads which are just one part of our commitment to keep players safe.'