ICE PROPERTIES-COMMERCIAL BUILDING (Christ Church)

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Property Details

The owners are interested in a sale of the company that

owns the property as opposed to a sale of the assets and

are asking US $ 3.45 Million less the outstanding debt to

be paid through a capital restructuring. The company

owns no other assets.

1.PRICE - US$ 3.45 million LESS: Outstanding Debt

2. ROI - Call for details

3. LAND - 53,200 sq ft of Prime commercial land

4. BUILDINGS - Four buildings of 14,470 sq ft (Fully tenanted)

5. PARKING - Adequate parking for commercial tenants.

Call Mike Babb at 425 9934 for further details.

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6. MAJOR CONDO DEVELOPMENT NEARBY - There is construction of a major condominium development within 100 yards, the value should be further enhanced once that development is completed.

7. ALTERNATIVE BEST USE DEVELOPMENT OPTIONS - Due to the enviable corner site and main front street location the site lends itself alternative best use development options, including the

a. CONDOMINIUMS – There are condominiums under construction across the main roadb. HOTEL – There are the established hotels of Amaryllis, Savannah and Coconut Court within walking distance.c. RETAIL, BROCERY and BANKING SERVICES - There is clearly a need to compliment this activity with retail, grocery and banking services as the closest such facilities is Skyway Plaza, approximately a mile further east along the main road. Developers could consider demolition of all structures to enable the construction of a multipurpose business complex, with a bank tenant and retail anchor for day traffic and a variety or restaurants forevening traffic.A well designed TWO (2) STOREY COMPLEX could host office space on an upper floor and retail on the main level. The site has sufficient PARKING and ACCESS roads that border the property on three (3) sides. Obtaining planning permission and mobilizing such a development in Barbados normally takes a few years and as the property is fully tenanted, there will be CASH FLOW to FINANCE some of the SOFT COSTS incurred during the initial period.