Waterfront Property in the Bahamas & Real Estate Expertise

CB Richard Ellis, together with its local correspondent Bahamas Realty Commercial, is pleased to announce an exclusive assignment to sell one of the most prestigious office parks in The Bahamas comprising of two Class “A” office buildings of 33,892 sq.ft. (3,148.67 sm) and 23,209 sq.ft. (2,156.18 sm) respectively, totaling 57,101 sq.ft. (5,304.86 sm) with approximately 6 acres of land area providing parking for a total of 390 cars.

This offering comes at an auspicious time as although the commercial property market globally has been under pressure and is depressed, the Class “A” office market in The Bahamas is limited to a total of 676,843 sq.ft. and occupancy levels are high. Although the current vacancy rate is just under 12%, more than 60,000 sq.ft. of the total vacancy of 79,459 sq.ft. is located in a single building located at the extreme eastern end of New Providence. This building has had major challenges in attracting tenants. The effective vacancy rate is more on the order of 2.71%.

At present one of the buildings in the office park, with a total rentable area of 33,892 sq.ft. (3,148.67 sm) is leased in its entirety to a major international bank. The tenant will sign a new triple net lease for a period of 5 years with an option for a further 5 years with annual CPI rent adjustments. The second building, which is expected to be completed in October of this year, is available for lease. The leasing agents, CB Richard Ellis and Bahamas Realty Commercial, are currently negotiating with three high profile prospective tenants and feel confident that all of the available rental area will be committed by the time the building is completed. The projected one year cap rate is 8.43% and 14.14% IRR over 10 years.

For a copy of the sales flyer and Offering Memorandum contact Larry Roberts at lroberts@bahamasrealty.bs or call 561-228-5603.

Posted By: Larry Roberts