The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

A nearly four-acre property that is key to revitalising downtown Nassau has seen its sales price drop to $12 million, a top realtor telling Tribune Business yesterday that potential buyers were still waiting to see what they can do with the property.

Bahamas Realty’s chief executive, Larry Roberts, told this newspaper that the 3.94 acre Union Wharf property was now being sold for $12 million, $3 million less than its most recent $15 million price point.

He added that while a few buyers had expressed interest in developing the property, they were waiting so see what the Government would allow to be built on it.

“We have a couple of interested purchasers, but they’re waiting to see what can be done with it,” Mr Roberts said.

“So far we haven’t had a prospect who is willing to invest a whole pile of money getting development plans on something that they don’t know if it would be approved or not. That’s what is important for us; to establish what it is that can be done.”

Mr Roberts added that a detailed development proposal has been submitted for the site.

“We’re encouraged by the reception it has received. The Prime Minister and the Cabinet are very keen on seeing this property and the neighbouring properties develop as soon as possible. That’s what we’re trying to make happen,” said Mr Roberts.

“We’re hopeful they will come back to us with parameters that we can then go to a prospect and say, this is what you can do. What we have submitted is really the upper limits of what we think can be developed.”

The site, owned by the Thompson family, has 826 linear feet of water frontage, and is being marketed to potential buyers as an excellent commercial/residential location following the shipping industry’s move to Arawak Cay.