Waterfront Property in the Bahamas & Real Estate Expertise

CB Richard Ellis, together with its local correspondent Bahamas Realty Commercial, is pleased to announce an exclusive assignment to sell one of the most prestigious office parks in The Bahamas comprising of two Class “A” office buildings of 33,892 sq.ft. (3,148.67 sm) and 23,209 sq.ft. (2,156.18 sm) respectively, totaling 57,101 sq.ft. (5,304.86 sm) with approximately 6 acres of land area providing parking for a total of 390 cars.

This offering comes at an auspicious time as although the commercial property market globally has been under pressure and is depressed, the Class “A” office market in The Bahamas is limited to a total of 676,843 sq.ft. and occupancy levels are high. Although the current vacancy rate is just under 12%, more than 60,000 sq.ft. of the total vacancy of 79,459 sq.ft. is located in a single building located at the extreme eastern end of New Providence. This building has had major challenges in attracting tenants. The effective vacancy rate is more on the order of 2.71%.

At present one of the buildings in the office park, with a total rentable area of 33,892 sq.ft. (3,148.67 sm) is leased in its entirety to a major international bank. The tenant will sign a new triple net lease for a period of 5 years with an option for a further 5 years with annual CPI rent adjustments. The second building, which is expected to be completed in October of this year, is available for lease. The leasing agents, CB Richard Ellis and Bahamas Realty Commercial, are currently negotiating with three high profile prospective tenants and feel confident that all of the available rental area will be committed by the time the building is completed. The projected one year cap rate is 8.43% and 14.14% IRR over 10 years.

For a copy of the sales flyer and Offering Memorandum contact Larry Roberts at lroberts@bahamasrealty.bs or call 561-228-5603.

Posted By: Larry Roberts

If you’re fortunate enough to have the opportunity to travel to a variety of destinations throughout the world and meet the local people you’ll find the first question they ask is “where are you from?” I have been living in the Bahamas for 21 years and still get immense pleasure from the look I receive when I answer proudly “I’m from the Bahamas.” At the moment I give my answer, I am struck with the reality of how lucky I really am.

I recently had the opportunity to visit London and Ireland. The main purpose for our overseas trip this summer was the opportunity to attend Wimbledon. The village of Wimbledon is incredibly charming and bustling with activity and energy during the two weeks that the tennis championships are taking place. I can’t describe the thrill of watching amazing players like Roger Federer and the Williams sisters grace the courts. I was completely star struck and in awe of my surroundings! The greatest part of my two week stay was watching our very own Bahamian born and raised, Mark Knowles, win the Wimbledon Mixed Doubles title.

The city of London is truly a joy to explore with its ecclectic architecture, beautiful parks and the excitement of controlled chaos. Our last week was spent touring the west coast of Ireland with its rugged landscapes and serene countrysides all blending into some of the most beautiful sites I have ever seen. Throughout our three weeks in such amazing surroundings, we never tired of answering questions about our life in the Bahamas. We soon realized that city and country folks alike regard our wonderful little country as one of the most fabulous and exotic places in the world to visit. I’ve decided they’re absolutely right and I suppose that is why its always so good to be home!!

Posted By: Silvina Andrews