The government is to sell the Nunnery for ?5 million to a charity aiming to set up an ICT university in the Isle of Man.
The Manx Educational Foundation has been offered an exclusive deal to buy the former International Business School site on the outskirts of Douglas, providing conditions are met.
The group now has a six-month window to attract ?12 million in private funding - although it has already secured the purchase price.
Higher education courses currently offered at the Nunnery will be transferred to the main Isle of Man College site in Douglas.
The MEF wants to create a dedicated facility for practical ICT training and has already secured interest from computing giant Hewlett Packard.
The deal was unveiled today by Economic Development Minister John Shimmin and foundation director Kurt Roosen.
Mr Roosen is confident investors will come forward in time:
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