IRG has been instructed by two vendors to sell their properties using the tried and tested Sealed Bid process. Both properties are in prime locations in Central George Town and will benefit from the George Town rejuvenation process currently underway. Their respective vendors are motivate and IRG anticipates significant interest in both sites:
The first, Commerce House is a well-located and maintained 3-storey office building in the centre of George Town with good parking. It has strong long-term triple net leases with the anchor tenants including the Cayman Islands Government occupying the whole of the 2nd and 3rd floors and retail tenant to the ground floor Great investment opportunity with solid returns. The sealed bid guide price for the building is US$3.4m. The second is a prime George Town development site totally 1.159 acres of land zoned general commercial on Goring Avenue, behind Bayshore Mall and on the edge of the town centre. The site is high and dry, elevated to an average of 12' and offers excellent development potential as a stand alone office building, mixed commercial/retail/residential use development or even a multi storey parking facility to service the town centre.
Jeremy Hurst, Broker/Owner for IRG comments "Both of these properties will benefit from the initiatives being put in place as part of the George Town Rejuvenation Plan offering investors an upside. They are complimentary, hence our decision to bring them to the market through a simultaneous sealed bid process. We're expecting strong interest from the market in both."
For more information on Commerce House check out IRG's website at https://www.irgcayman.com/commercehousebid and for the Goring Avenue Development SIte on https://www.irgcayman.com/george-town-prime-development-site or contact Jeremy Hurst on 345 525 9900