Yes, that's the 'bus station'. It's really just a bus stop with a shelter on Derby Road, opposite Peel's Town Hall (an unfortunate piece of architectural design, imo). It's a couple of minutes' downhill walk from the bus stop to the town centre and maybe 5 minutes to the seashore.
Several bus routes serve Peel and you'll find it easy enough to get there from most larger places on the IOM. For bus routes, timetables and info check the Bus Vannin pages of the IOM government website below.
- Family Travel
This was Peel station in 1968. Now a beer bottle depot, at least the station architecture still survives. From Peel the railway used to run to Douglas via St. Johns junction.
The railway still runs from Douglas to Port Erin with the original steam trains.
If you liked the above picture more are available in my Douglas travelogue
Web link below.