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 constructionacross 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 needto compliment this activity with retail, grocery and banking servicesas the closest such facilities is Skyway Plaza, approximately a milefurther 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.