Manx Development Corporation made a £690,000 operating loss in the last financial year.

But with income now coming in from tenants in the redeveloped former Nurses’ Home, it remains the board’s objective for MDC to become profitable.

Accounts for Manx Development Corporation Ltd and wholly owned subsidiaries WMV Ltd and FNH Ltd, for the 12 months to the end of March 2025, will be laid before April’s Tynwald sitting.

They show that no revenue had been earned from projects during that year and so MDC continued to operate at a loss.

That operating loss was £690,000, down from £859,000 in 2024.

Of that loss, £81,000 was due to fees payable on external loan financing and £82,000 related to interest on shareholder loans.

There were also costs of £14,000 written off on a project that was not taken beyond feasibility stage.

Manx Development Corporation was set up in March 2021 as an arm’s length government-owned company to revitalise brownfield sites.

Its first project, the £11m refurbishment of the former Nurses’ Home, now renamed Thie Clag, was completed on budget in early 2025.

Managing director Dane Harrop said revenue from Thie Clag had been received in the first quarter of 2025-26.

‘It remains the objective of the MDC board to become profitable and to create a dividend stream for our shareholder, the Isle of Man Treasury,’ he added.

MDC’s next project has just got under way to convert the former Nelson Hotel on Mona Drive, Douglas, into eight high-quality apartments. The scheme is expected to take 12 months to complete.

MDC has spent about £2m buying property to make way for its next major project, the Westmoreland Village scheme, which received planning consent last year and will comprise 133 new homes including apartments, town houses, small blocks of flats and a senior living block.

But despite demolition work taking place, MDC still does not own the whole of the site.

Demolition of the former Fairfield School took place in August, with the site earmarked for residential apartments.