The Tribune

By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A multi-million dollar New Providence boat/yacht repair facility is just one of the investments that can be unlocked by a property “that doesn’t exist anywhere else in The Bahamas”.

Mario Carey, principal of Better Homes and Gardens Real Estate MCR Group, which currently has the former Bacardi plant in south-west New Providence listed for sale at $37m, argued that features such as its 1,300 feet of waterfront and industrial zoning provide the platform for the capital to develop multiple new industries.

Suggesting that the total 62-acre site could be split between buyers, and that $10m could be sufficient to acquire the 20 acres immediately adjacent to southern New Providence’s coast, he added that a $20m-$50m investment could be sufficient to kickstart a facility that would draw business from the thousands of vessels passing through Bahamian waters annually.

Disclosing that he has been working informally with a naval engineer and architect to flesh out his vision, Mr Carey said the former Bacardi factory was strategically located in close proximity to communities with marina facilities such as Albany, Venice Bay and South Seas as well as the Royal Bahamas Defence Force base at Coral Harbour.

Their presence, he added, indicates water depth would be no impediment to a boat repair facility at the former Bacardi site. “People in the industry that own shipyards and luxury boats say they like the idea,” Mr Carey said. “Anybody in marine would love to have a facility like that.

“For super yachts to be on that side of the island, they can come around from Andros and go straight to and from Exuma. I think the site is excellent, the land is excellent, and I think the country can capture an industry like this rather than have the boats come from Florida and go back to Florida for repair.

“When these boats hit a reef or other structure, they have to go back to Florida. If they have a place here that caters to them, think of the jobs. Think of the boat captains that would live here, the spin-off businesses they bring in an industry that spins off into so many different things,” he added.

“We are a water-based nation. I’ve gotten a lot of very good calls from various people, some saying scale it down and grow into it. I’ve been working exclusively with a naval engineer and architect. He sees the vision. I’m getting a lot of support from individuals, which is a good sign.

“Nobody says it’s a bad idea, that is not going to work, the location is not going to work. They’re saying it could work.....The only thing in Nassau is Brown’s Boat Basin. We have limited service capacity in Nassau.”

The Bahamas already has Freeport-based Bradford Marine in the yacht/boat repair business, which would represent significant competition for any Nassau-based business. But Mr Carey said an investment ranging from $20m-$50m could be sufficient to launch a similar venture in Nassau, adding: “Someone called me and said you don’t have to spend that much to get going for that type of business.”

Mr Carey said a similar property, which is zoned for industrial use and located on the waterfront, does not exist on New Providence. He added that some 300,000 square feet of warehouse space is also present at the site, together with capacity to store up to 1.2m gallons of fuel or other commodities, a fuel dock and water plant operations.

“You have a highly-engineered site built by the Bacardi family,” the realtor said. “I don’t think there’s one single site in The Bahamas that has 300,000 square feet of warehouse space. I don’t know if it exists anywhere else. It doesn’t exist anywhere else; not in The Bahamas.”

Besides the presence of bottled water suppliers, Echo and Nautilus, the site already boasts a furniture and upholstery manufacturer and the Government’s Standards Bureau as a tenant. A company that made biodegradable plastics for the hotel sector closed during COVID, leaving truckloads of product behind.

The Bacardi plant’s vendor is The Source River investor group, which was headed by the late ex-Cabinet minister Tennyson Wells, who acquired the property from the global drinks manufacturer. “I’m very bullish on this site for multiple businesses - from manufacturing to a shipyard and disaster relief,” Mr Carey told Tribune Business.

“Everything is here. It has it all. It’s all engineered due to Bacardi. It’s waiting to come to life. It could either work together or separate into two buyers that co-exist with each other - 20 acres for the waterfront and 42 acres to develop.”

Mr Carey even suggested that the site and surrounding area be declared a “special economic zone” by the Government with tax concessions designed to attract new industries, such as manufacturing and ship repair, to that location.

“The beauty of all this is that the Government should make it a free economic zone to attract industries to thrive on that side of the island,” he argued. “What it would do for the whole area is that there would be so much commerce, selling fuel at comparable prices with Florida and bring in items that cater to the yachting business. We have to be creative to make it happen, and that could change the dynamics of that area for years to come.”