Elizabethan Square, one of the landmark office complexes in central George Town, has sold for $13.5 million in a deal that could provide fresh impetus for the revitalisation of Grand Cayman’s capital.
The buildings, surrounding a courtyard just off Shedden Road, were home to the police headquarters and, until recently the Cayman Islands Monetary Authority.
Michael Binckes, of Re/Max Cayman Islands, who brokered the deal, said there was huge potential for the site.
He said the buyer, who did not wish to be named, was a prominent real estate investor in Cayman.
Binckes believes the property has potential to be re-invented as a mixed-use development that could set the standard for a new-look George Town.
With the cruise development off the table, he said plans for the future of the capital are in need of a rethink.
“The port is clearly not going to happen and it will be interesting to see what that means for George Town. If we don’t have those tourist facilities, what is going to go there?”
Binckes said it was a good sign for the town that a major investor was coming in to take over a key building.
“These guys have the wherewithal to do something really interesting,” he said.
“I certainly believe there is going to be some redevelopment at that site,” he added.
Elizabethan Square was first built in the early 1980s. CIMA was a long-time tenant before moving to Cricket Square earlier this year.
Re/Max was enlisted to find new tenants or a buyer for the property, culminating in the sale which went through earlier this month.
Other tenants include the Thai House Restaurant, Himalaya Wellness, Chris Johnson and Associates, and Cayman Travel.
Kim Lund, broker/owner of Re/Max Cayman Islands, said the sale was a sign of confidence in Cayman, even in the midst of the fall-out from the coronavirus pandemic.
While many real estate transactions are on hold as buyers and sellers wait to see which way the market goes, he said the deal was positive for Cayman.
“It is a landmark building in Cayman and one of those sales that only comes along every so often,” he added.
Neither the buyer nor seller was willing to speak to the Cayman Compass for this article.
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