The new Isle of Man terminal could cost up to GBP 30 million and open in port of Liverpool in 2021, Manx government announced. It will be constructed half a mile (800 metres) from the current Pier Head facility situated at Princes Half-Tide Dock.
Subject to Tynwald approval, Manx government is due to sign long-term leasehold agreement with Peel Land & Property Ltd for the site.
The Pier Head facility is set for redevelopment as a cruise ship berth as part of the GBP 5 billion Waterfront scheme of Liverpool.
In May, Manx government bought the sole ferry operator of the island, Isle of Man Steam Packet Company, for GBP 124 million.
Liverpool City Council has yet to receive planning application for the new project.