Old Royal BankBuilding Sells for US$4.5 Million
Originally designed to be a downtown hotel,this cornerstone building across from the Post Office has seena number of changes over the last thirty years. With a new faceliftand modernization, it will now be the home of new retail storesand services on "Cayman's Rodeo Drive" Cardinal Avenue.
The new owners who closed the sale for US$4,500,000just days ago are already starting the renovations and seekingtenants for the retail and office space.
The 18,000 sq. ft. building went on themarket as a result of the Royal Bank moving to its new locationon Shedden Road across from the old building.
Realtor, Billy Culbert from Rainbow Realtywho represented the Royal, gives a great deal of credit to theGovernment for creating the progressive economic stimulus programsthat made the sale viable for the purchaser.
"The temporary reduction of stamp dutyand the cooperation of the various Government departments includingthe Planning Department, were critical to making the sale andredevelopment work" he said.
Realtor, James Bovell of Re/Max Cayman Islands,represented the purchaser and has been delighted in the responseshe is getting from prospective tenants who are looking for spacein this prime retail location. He states "As a result ofthe reduced fees associated with this purchase and redevelopment,we are offering new tenants great deals and incentives on retailleases and we have low cost office space for business or compliancestorage needs right in the centre of the city".
Architects OBM and local retail conceptdesigners with the guidance of the Government departments areworking to create a major focal point in the heart of George Town.The redevelopment will be completed by Edgewater Developments,a locally owned company.