A LEADING estate agent is hoping an early sale can be secured for a number of Manx Electricity Authority showrooms.
Four of the showrooms have been put on the market with Chrystals – with a price tag ranging from £325,000 for the Ramsey outlet on Bowring Road to £595,000 for Stanley House, which was home for the MEA’s Castletown branch.
The other two showrooms, Station Road in Port Erin and Michael Street in Peel are advertised for sale with an asking price of £350,000 each, making a total for the four premises of £1.62 million.
Chrystals director David Watson said: ‘It’s been quite encouraging. We’ve had quite a lot of viewings.
‘There’s certainly been much interest in three of the showrooms. We’ve been pleasantly surprised by the interest shown in the Ramsey premises from traders and businesses. I will be taking instructions from my clients and will be looking to try and negotiate a sale fairly early of some of them.’
MEA chairman Eddie Lowey MLC announced in April that the authority’s five showrooms, including the outlet in Douglas, would be closing because they were ‘haemorrhaging’ money.
The showrooms began closing their doors to the public for the final time at the end of May.
Describing it as ‘an end to an era’, Mr Lowey accepted that redundancies among the 24 retail staff members were inevitable – but added he hoped as many as possible would be redeployed within the state-owned MEA and across government.
Former chief minister Tony Brown had been opposed to the closure of the showrooms, insisting they provided an important community service in the island’s towns.
An independent review carried out in 2008 led to a number of changes including the Douglas showroom being relocated to Strand Street. But losses spiralled – from £414,00 in 2009-10 to £592,000 the following year. In 2011-12, losses were expected to higher still.
Treasury Minister Eddie Teare said the proceeds from the sales would go to the MEA in the first instance – but ultimately the money would go back to Treasury. He said: ‘The MEA would be the first recipient of the funds. But the MEA has obligations to Treasury.’
The latest annual report showed loans outstanding at the end of March last year totalled £338 million, comprising a bank loan of £35 million, £118 million due to government and the £185 million due in respect of a Treasury Bond.
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