The Cayside property comprises two sites: The main site is in one of Cayman’s most historic locations overlooking the small beach of the Capital George Town’s Hog Stye Bay, on which the original settlers would have landed to come ashore. Now it is at the very centre of Grand Cayman’s lucrative cruise ship tourism industry, welcoming over 1.1 million cruise tourists in 2017 and attracting some of the highest dollar per square foot rental rates in the region.
The main site, OPY182, is currently developed with a two storey commercial building, known as Cayside Galleries, which offer around 11,900 sf± gross split into small retail units, typically held on leases of between one and five years.
Cayside’s General Commercial zoning allows redevelopment of up to seven storeys. A feasibility study by F+M architecture and evaluated by JEC Property Consultants, has designed a viable 48,000 sq.ft± net retail/commercial building for the site, with two sub floors of basement car parking, ground and first floor retail and restaurant space and four storeys of office space or residential which could form a business apartel or boutique hotel.
The development will benefit from panoramic views as well as being in the prime location for tourist foot traffic in Cayman and the benefits offered by a variety restaurants, bars and the business infrastructure of the nation’s capital.
The second site, 14BH 163 is 0.2615 acres in size and is developed with 1,000 sf± of office space plus parking. It is anticipated this site would be developed as stacked, possibly valet-type, parking to support the main site’s redevelopment.
Total existing rentable area for the property is around 11,000 sf±, offering a gross annual income of around CI$475,000±.
This unique redevelopment site is being marketed at it’s residual development value, with the opportunity of an interim income from its current tenants. Full prospectus available shortly to qualified investors.