The Tribune

THE New Providence Development Company Ltd (NPDCo) has announced it has awarded HG Christie Ltd, The Bahamas exclusive affiliate for Christie International Real Estate, an exclusive agreement on a selection of first class properties in three of its prime developments.

The portfolio includes the remaining office and commercial units for sale in The Old Fort Bay Town Centre (OFBTC); three properties located in the Western New Providence Commercial Centre between Lyford Cay and Albany and 4 residential lots in the luxury gated community of Old Fort Bay.

It is anticipated that the agreement between the two companies will greatly increase exposure to the available properties, and give sales in each of these prime developments a boost.

Jane-Michele Bethel, Vice President of Real Estate at NPDCo, described the new OFBTC as a cutting edge, 21.5 acre, mixed use retail and business centre. It is designed to support the commercial and population growth that is occurring in the west, and to provide shoppers island-wide with a new shopping experience.

The OFBTC is a community-centred facility designed with families in mind. The retail section of the OFBTC consists of a 24 unit shopping facility, anchored by Solomon’s Fresh Market, a 35,000 sq. ft. grocery anchor store.

Eighty-four percent of the ground level retail store spaces have been leased and fifty percent of the restaurant spaces are occupied. Two 1,400 plus sq. ft. restaurant units, and two 947 sq. ft. retail units remain for lease. The commercial section of the OFBTC is comprised of 24 second floor office units for sale.

Recent new activity at the OFBTC includes the opening of a fully equipped veterinarian facility – Happy Pets Animal Hospital, and a beautifully designed and well equipped BTC franchise store. In addition, the following operators are soon to open: a modern hair and nail salon; Naughty Johnny’s Restaurant (the sequel to Johnny Canoe); and a paediatric practice.

Fifty-eight percent of the 24 second floor office units are spoken for.

HG Christie will be occupying one of these units and will be using their expertise, creativity, and extensive client database to attract businesses to relocate west and purchase and occupy the remaining second floor business units.

HG Christie will also be marketing the three remaining one acre commercial pads parallel to Windsor Field Road that form the outer perimeter of the development. The relocation of the Lyford Cay Royal Bank of Canada branch and the Lyford Cay Shell Service Station to the OFBTC on two of the one acre pads at the OFBTC is scheduled for the last quarter in 2013 and the second quarter of 2014 respectively. The completion of Meridian’s Old Fort Bay School in September 2014, along with the development of a new gated community on neighbouring acreage, both to the south of the shopping centre, is expected to significantly increase growth and economic expansion in the area.

The listing portfolio for HG Christie also includes one 4,800 sq ft turnkey ready, luxury office building (the current Western Road location for NPDCo’s head office), and two vacant office pads in the Western New Providence Commercial Centre. These properties have each been listed for sale with HG Christie at competitive market prices. NPDCo has plans to transfer their office facility to the OFBTC and to strategically align themselves with the new location as the development paves the way to becoming the new business hub for the west.

NPDCo’s neighbouring Old Fort Bay luxury residential development has 4 remaining developer lots for sale.

HG Christie has also been commissioned to sell these lots.

“With prices starting at $975,000, coupled with a high demand for this prime location, we anticipate that these lots will sell relatively quickly,” says NPDCo President Alistair Henderson. NPDCo is excited about the future in the west and is looking forward to working closely with HG Christie to ensure that the public is made aware of these fantastic real estate investment opportunities.