The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

The Island Luck web shop chain is “contemplating” whether to construct a corporate headquarters for its expanding group on the site of the former Montagu Beach Hotel, Tribune Business can reveal.

Dirk Simmons, chief financial officer for Island Luck and Playtech Systems, which is headed by Sebas Bastian, confirmed that it was mulling possibilities for the site bordered by Higgs & Johnson and the Chinese embassy.

“That is something that is being contemplated,” Mr Simmons responded, when contacted by Tribune Business, after this newspaper was tipped to Island Luck’s plans.

He did not confirm, though, whether Island Luck already owned the site or was in the process of acquiring it, saying: “I’ll have to check the records.” Although stating that he would call Tribune Business back, no response was received prior to press time last night.

Several sources, speaking on condition of anonymity, suggested that Island Luck had already acquired the property, noting that one of its billboard advertisements had been located there.

The site is the last remaining piece of the historic Montagu Beach Hotel property, which was demolished in 1993.

The rest of the location is now home to corporate office buildings which, apart from Higgs & Johnson, are also home to the likes of the KPMG accounting firm.

The property now eyed for development by the Island Luck group has been overgrown and derelict for more than two decades, and its redevelopment would likely be welcomed by neighbours.

A corporate head office would fit in well with other real estate in the area, which includes the head office of Family Guardian, the BISX-listed insurer, and several realty firms such as Morley Realty and Coldwell Banker Lightbourn Realty.

It is also a prime location, sitting at the junction of Eastern and Village Roads, plus Shirley Street, with ample room for parking lots and office space.

The corporate headquarters plan is also another indication of the continuing wealth of web shop operators, especially Island Luck, which recently expanded by acquiring a majority 65 per cent equity stake in rival, Bahama Dreams.

Mr Bastian and Island Luck have also expanded into numerous other sectors of the Bahamian economy, including construction, property development and management (Brickell Management Group), and now into investment banking, securities and insurance.

Investar Securities, a newly-created broker/dealer and investment house, lists Mr Bastian as a director, while Paul Major, head of Brickell Management group, also sits on Investar’s Board as vice-president and secretary.

Investar’s website lists Hillary Deveaux, the former Securities Commission executive director who is now a consultant at the Ministry of Financial Services, as chairman.

Other directors include Scott Godet, principal of Scottdale Bedding and National Fence Company, who is a major landlord to the Government and heads the Post Office public-private partnership at the Independence Drive Shopping Centre; Jane Siebels, principal of Green Cay Private Client; and attorney Lowell Mortimer.

Management has been left to Investar’s president and managing director, Kevin Burrows, the former senior vice-president at CFAL.

Another group entity is understood to be BMG Insurance Agents and Brokers, which shares the same initials as Brickell Management Group, and is chaired by Mr Major, who is also head of the Bahamas National Festival Commission (Junkanoo Carnival).

BMG Insurance Agents and Brokers’ website lists Keith Major, the former Imperial Life insurance executive, as its managing director.

Brickell Management Group and BMG Insurance Agents and Brokers share the same address at 601 East Bay Street, while Investar Securities is based at 443 East Bay Street on property owned by Bethell Estates.

With Island Luck’s head office based at Collins Avenue, the attraction of bringing all these connected group entities together on one site will likely be a key consideration in plans for the former Montagu Beach Hotel site.