The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Balmoral’s principal said yesterday he will “know in the next month or so” whether its planned $2.5-$3 million investment in commercial office space has hit the correct price point.

Jason Kinsale said the Sanford Drive-based property was effectively “relaunching” its eight-unit commercial office product, its initial $795,000 sales price having proven too rich for a struggling market.

The Balmoral is offering two products, four 1,455 square foot, second and third floor, units priced at $439,000, and the same number of 873 square foot, ground floor properties pegged at $299,000, as it seeks to undercut rival western New Providence commercial real estate projects.

These price points represent 44.8 per cent and 62.4 per cent reductions, respectively, over The Balmoral’s initial price points.

Telling Tribune Business that three of the eight units had already been sold, Mr Kinsale said companies seeking a western New Providence base had little alternative to Old Fort Bay Town Centre, Sandyport and Caves Village.

“After that there’s not much else,” he said. “There’s a lot of people trying to buy their own office space, they’re tired of renting, and with the in-house financing we have I believe it will be a good opportunity for them without having to go through the bank.

“I don’t want to miss again. The market is definitely there, and with eight units I’m not too worried. We should know within the next month or so whether I’m right or wrong.

“We had actually launched office space before, but the units then were too large and the price was $795,000, and it was a depressed market.”

Mr Kinsale said Balmoral would break ground on its eight commercial units once 50 per cent were pre-sold, meaning it needs to fund just one more buyer.

He added that he hoped to break ground within the next 45-60 days, and possibly as early as 30 days, with the four buildings fully constructed in nine-12 months.

Emphasising the security provided by The Balmoral’s status as a gated community, Mr Kinsale said he was targeting professional services firms, such as engineers, architects and interior designers.