'Exceptional circumstances' required for public property sales

Treasury says not all public asset sales face open tender

Only 'exceptional circumstances' stop open competition in the 'disposal' of publicly-owned property in the Island.

That's the assertion from the Treasury Minister.

Onchan member Peter Karran MHK asked Eddie Teare what safeguards ensure transactions are 'open' and 'transparent' in Tynwald.

Recently, the relocation of the Office of Fair Trading freed up Prospect House, and the Road Transport Licensing Committee's move opened premises on Lord Street for potential sale.

Last year, the Nunnery building was privately sold for £5 million to make way for an International Centre for Technology.  

Mr Teare responded by saying any sale is subject to Financial Regulations - but in the event of an open tender process, assets will feature on the open market. 

Picture: The Nunnery in Douglas - photograph credit to the Department of Economic Development