The Manx Development Corporation says construction works on the former Nurses’ Home are proceeding at pace and on budget.

The full refurbishment of the Westmoreland Road building will provide 37 one and two bedroomed apartments, together with a coffee and patisserie facility and a glazed rooftop extension.

The project is currently on target to be completed in early 2025.

Extensive investigations during the design phase demonstrated the poor condition of the building, identifying asbestos and water ingress as significant challenges.

The first phase of the construction works, which included the total strip-out of much of the internal fabric and the demolition of the unsalvageable original fourth floor, is now complete.

The new fourth floor is being rebuilt and new glazing has been installed, up-to and including the third floor. Installation of internal partitions is well under way, as is the mechanical and electrical first-fix.

In a statement, MDC said it was pleased that works were proceeding ‘at pace and on budget’.

It said it was ‘very encouraged by the progress of its maiden on-site project, and looks forward to providing further updates on this exciting restoration, as it brings this former landmark back to life’.

Property development company MDC was set up in March 2021 with the remit of being the catalyst for the regeneration of brownfield sites. It operates at arm’s length from its sole shareholder, the Treasury.

A £50m loan facility with lender Lloyds Bank, and Treasury acting as guarantor, was approved in February last year. It can be extended up to £100m. 

The former Nurses' Home, valued at £950,000, was transferred by government to MDC for a consideration of just £1.

The company has spent £2m buying up properties to make way for its Westmoreland Village scheme which received planning consent last month and which will comprise 133 new homes split across apartments, townhouses, small blocks of flats and a senior living block.