Isle of Man-based Tevir Group is buying the buildings and land comprising the ‘Villiers site’ in Douglas.

The site incorporates Villiers House (formerly RBSI House), Clarendon House and land including an eyesore development plot and the area known as the ‘town square’.

A clean-up the ’town square’ site is to be undertaken.

Architects and designers are working on a project that will ultimately lead to what the company describes as ’a contemporary public space’ being developed.

The vacant Villiers House will be subject to an extensive refurbishment;

Clarendon House is fully tenanted and Tevir will work with all tenants located in the property to achieve a smooth handover of services and to seek opportunities to improve the services provided;

Long term plans for the development plot on the site are currently being considered.

Tevir has been on a buying spree.

It now owns the former Zurich headquarters on Athol Street, which is undergoing extensive building works and refurbishment in order to create "premium multi-tenant office space in central Douglas".

Work has already begun on this site and is expected to be completed during the summer of 2019.

Estate agent Black Grace Cowley is already in negotiations with a number of parties and the first tenants are expected to take up occupation shortly after completion.

Work is also under way at the former Castle Mona Hotel on Central Promenade in Douglas to secure the site and to prevent further deterioration to the historic building which has lain empty since 2006.

The Isle of Man Examiner exclusively revealed that the Castle Mona had been bought by the group earlier this month.

The group has not yet said what intends to do with the Castle Mona in the long term.