Commercial https://www.irgcayman.com//rss-feeds/rssfeedsdata/commercial-for-sale www.irgcayman.com is your source for Cayman Residential Property: Commercial at Cayman Island. en-us 11 Aug 2020 18:54:30 Tue, 11 Aug 2020 18:54:30 -0500 11 Aug 2020 18:54:30 Tue, 11 Aug 2020 18:54:30 -0500 CAYSIDE - HARBOUR FRONT COMMERCIAL REDEVELOPMENT OPPORTUNITY https://www.irgcayman.com/cayside <a href="https://www.irgcayman.com/cache/listing/images/570_380/1536849892CIM2.jpg"><img src="https://www.irgcayman.com/cache/listing/images/570_380/1536849892CIM2.jpg" align="left" height="79" width="130" alt="CAYSIDE - HARBOUR FRONT COMMERCIAL REDEVELOPMENT OPPORTUNITY" border="0" /> </a> The Cayside property comprises two sites: The main site is in one of Cayman's most historic locations overlooking the small beach of the Capital George Town's Hog Stye Bay, on which the original settlers would have landed to come ashore. Now it is at the very centre of Grand Cayman's lucrative cruise ship tourism industry, welcoming over 1.1 million cruise tourists in 2017 and attracting some of the highest dollar per square foot rental rates in the region. The main site, OPY182, is currently developed with a two storey commercial building, known as Cayside Galleries, which offer around 11,900 sf± gross split into small retail units, typically held on leases of between one and five years. Cayside's General Commercial zoning allows redevelopment of up to seven storeys. A feasibility study by F+M architecture and evaluated by JEC Property Consultants, has designed a viable 48,000 sq.ft± net retail/commercial building for the site, with two sub floors of basement car parking, ground and first floor retail and restaurant space and four storeys of office space or residential which could form a business apartel or boutique hotel. The development will benefit from panoramic views as well as being in the prime location for tourist foot traffic in Cayman and the benefits offered by a variety restaurants, bars and the business infrastructure of the nation's capital. The second site, 14BH 163 is 0.2615 acres in size and is developed with 1,000 sf± of office space plus parking. It is anticipated this site would be developed as stacked, possibly valet-type, parking to support the main site's redevelopment. Total existing rentable area for the property is around 11,000 sf±, offering a gross annual income of around CI$475,000±. This unique redevelopment site is being marketed at it's residual development value, with the opportunity of an interim income from its current tenants. Full prospectus available shortly to qualified investors. 9% ROI w/Owner Leaseback -GEORGE TOWN FINANCIAL CENTER https://www.irgcayman.com/gtfc-sealedbid <a href="https://www.irgcayman.com/cache/listing/images/570_380/1461626957IMG2452.jpg"><img src="https://www.irgcayman.com/cache/listing/images/570_380/1461626957IMG2452.jpg" align="left" height="79" width="130" alt="9% ROI w/Owner Leaseback -GEORGE TOWN FINANCIAL CENTER" border="0" /> </a> <p>Sold with all office space leased offering an excellent 9%&plusmn; return increasing 4th floor is leased and up to 20%+ if leveraged! Landlord motivated. Excellent opportunity for a strong, long-term return. Attractive five storey office building in prime George Town location on corner of Fort and Mary Street close to court houses and all central amenities. Building was totally renovated after Hurricane Ivan to the highest storm-resilient standards, with new impact rated glazing system, a full back-up generator and emergency water supply via the basement cistern. Building elevation of 11&#39; above mean sea level is well above flood plain providing additional security. Interiors are well fitted and well-sized floor plates and building location attract a wide range of high quality tenants. Safe investment offering a strong, guaranteed ROI and long-term appreciation. Class A Bank Financing Available 15 year term, 65% LTV. LATEST: Anchor Tenant Maitland&#39;s Lease has been renewed. IRG will stay on as managers and leasing agents if purchaser wishes.</p> 86 MARY STREET https://www.irgcayman.com/86-mary-street-1 <a href="https://www.irgcayman.com/cache/listing/images/570_380/156901020215690088002019-08-2720.29.21.jpg"><img src="https://www.irgcayman.com/cache/listing/images/570_380/156901020215690088002019-08-2720.29.21.jpg" align="left" height="79" width="130" alt="86 MARY STREET" border="0" /> </a> Great opportunity to rent out as a secure elevated warehouse, with retail stores to the ground floor with offices to the second floor. Alternatively redevelop as with residential apartments to the 2nd floor, consistent with the CI Government's initiative for the regeneration of George Town. The site is zoned General Commercial and as such could theoretically be developed up to 5-7 storeys under current zoning regulations, subject to parking. Opportunity may exist to combine and develop with adjacent sites in future in this busy rejuvenating urban area. Strong immediate rental income potential with the opportunity for future development. Priced to sell.