The chance to shape the future of George Town could be yours — if you have a spare US$29.5 million.
More than six acres of prime George Town real estate have been put up for sale, giving prospective owners the chance to make their mark on the Cayman Islands’ capital.
The land, which is in four parcels along North Church Street and Bodden Road, is being marketed by RE/MAX Cayman Islands. Broker and owner Kim Lund told the Cayman Compass that it was incredibly rare to have such a large parcel of land come up for sale, especially in the country’s capital.
“This kind of opportunity just doesn’t usually exist,” he said.
The 6.8-acre site was created over several years from separate land purchases and is being sold by its current owners, a Caymanian-based business who has no further plans for the site.
Lund admitted that the US$29.5 million price tag would make it a challenge to find potential buyers but, for a serious entrepreneur or developer willing to take on a project this big, the only limits are planning laws — and their imagination.
“It’s such a broad site with so many different options,” he said.
“You can have hotels, condos, offices, government buildings, a mix of commercial and residential, and it could be developed as one single phase development or a multi-phase development. You can pretty much do whatever you want with it.”
Any potential owners would have a master plan of what they want to do on such a large part of George Town real estate, Lund added.
“They could even create a whole entity there that would be large enough to be a destination into itself, as well as being part of George Town,” he said.
The site, which consists of six parcels of land, is located along North Church Street and Bodden Road and incorporates both commercial and neighbourhood commercial zoning, with four commercial buildings currently on the land.
According to the site particulars, the 6.8092 site consists of 3.458 acres of general commercial and 3.3512 acres of neighbourhood commercial, and incorporates 270 feet of sea frontage with 800 feet of road frontage along North Church Street.
The land and buildings are currently tenanted, bringing in US$600,000 per annum, which, Lund said, would be a useful income to have while the new owner decided what they wanted to do with the site.
