The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A masterplan for the still-closed South Ocean resort should be completed within the next 30-45 days, Tribune Business was told yesterday.

Jeremy Seabridge, principal at Southern Cross Developments International, which has been contracted by the New Providence-based resort’s owner to chart a way forward, including a possible sale, said the firm was “very close” to being able to present its plan.

“We’ve made a lot of progress, and we’re hopeful of being in a position to present that in the next 30-45 days,” he told Tribune Business.

“We’re not in a position to give too much away. We’ve had a lot of consultants working on it, and we are very close to start working through that, and to start releasing it and presenting it.”

Mr Seabridge indicated that a formal sales process for the South Ocean property remained some way off, adding: “We’ve got a few things to go between now and then.

“The first step for us is to get the plan finalised, and we’re close to being there. Hopefully, very soon, we’ll be in a position to give that out.”

Southern Cross, which is the branded real estate company owned by world-renowned Australian golfer, Greg Norman, was brought into the South Ocean mix last year by the property’s owner, the Canadian Commercial Workers Industry Pension Plan (CCWIPP).

The pension fund chose this course after rejecting a $45 million offer, financed by a New York-based asset manager, to acquire South Ocean, which has been closed since 2004 - almost a decade.

Tribune Business revealed at the time that the New York asset manager had “made a pretty good offer to pick up South Ocean” that was rejected by CCWIPP.

It then hired Southern Cross to “package” the property and seek out a buyer.

Greg Norman Golf Course Design re-designed the South Ocean golf course several years ago, when CCWIPP had partnered with RHS Ventures and Plainfield Asset Management in an unsuccessful bid to re-open the resort - a venture that ultimately ended in a bitter New York legal battle.

“They’re [Greg Norman]trying to package it for an unknown buyer to come in,” one source said, adding that Southern Cross was set to earn a $2-$2.5 million fee if it was successful.

The South Ocean resort has endured several failed efforts to subsequently revive it over the past decade.

It has potentially huge untapped value. The property holds the third, and final, casino licence for New Providence, which kicks in once the property reaches a certain size in terms of rooms.

Casinos are huge revenue generators and attractions for visitors, making the resort much more valuable than its current appearance would indicate.

The presence ‘next door’ of the high-end Albany residential development could aid South Ocean’s re-opening, as the resort would have ‘critical mass’ to build-off.

The property is also in close proximity to the Lynden Pindling International Airport (LPIA).