Prime George Town real estate available

A piece of prime Central George
Town property is being made available for lease by informal tender by the
Cayman Islands Government.

Located on the south side of Cardinall Avenue,
the 0.24 acre site between Treasure Cove and The Landmark currently comprises
six retail units including the Craft Market Snack Bar and its outdoor seating
area.

The retail area is directly within
the catchment area of cruise ship visitors stepping off at Royal Watler
Terminal.

It is described in official
documentation released by the Lands & Survey Department as ‘a redevelopment
opportunity, subject to planning permission.’

Premium

According to the Valuation &
Estates office of the Lands & Survey Department, a lease will be granted
for 30 years at a nominal, peppercorn rent. A lump sum premium will be paid by
the successful bidder on commencement of the lease, explained Uche Obi, senior
valuation officer at the Lands & Survery valuation and estates office.

“The Current zoning is general
commercial and the property will continue to be used for commercial purpose
when it is re-developed,” he said. “Note that the 30-year lease will be granted
on the basis that the current owner [Mr Kenneth Thompson] is given the first
right of refusal to occupy the property when it is re-developed.

“The snack bar is operated by a
private tenant. After the property is re-development, his occupation will
depend on him reaching an agreement with the developer,” said Mr. Obi.

The closing date for tenders is 4pm
on Friday, 25 June.

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