Only a limited amount of land is zoned for commercial development within the Cayman Real Estate market and rezoning is not a short or simple process so it’s important to understand the zoning of certain locations and what they permit you to develop. This of course will affect the land’s value. IRG can provide you with all the assistance you need to buy and develop commercial vacant land for sale including advice on projected returns on investment and the planning and development process.
The Cayman Property Market has the following types of Commercial Property zones:
General Commercial - which allows the highest density of office/retail/commercial development of up to 7 stories within George Town Centre’s OPY block and up to 5 stories elsewhere.
Neighbourhood Commercial – which permits up 3-storey development and encourages a combination of retail/commercial to the ground and second floors, with the option of residential/commercial to the second and third floors.
In addition to these Cayman Property zones, others falling generally under the commercial property headings include:
• Marine Commercial
• Light Industrial
• Heavy Industrial
Also significant sectors of commercial land for sale especially in the Seven Mile Beach Corridor are zoned Hotel/Tourism allowing resort and condominium development, but also residential in some circumstances.
Commercial vacant land for sale, as with other Cayman Real Estate, does not attract an annual property tax and therefore is a good investment to buy and hold and due to its limited quantity tends to show good appreciation.