NASSAU, BAHAMAS — In 1989, the bridge over Sandyport’s canal entrance was constructed and launched the pioneering development that today has over 500 homes, a school, more than 60 shops and businesses and the 72-room Sandyport Beach Resort.
The Buckner family purchased the property from the late Sir Harry Oakes, who brought his gold prospecting wealth to the Bahamas for the tax-free environment. Named after the family matriarch Sandy Buckner, and along with world-renowned French architect Francois Spoerry, the Sandyport vision took shape and real estate investors rushed to buy in the one-of-a-kind waterfront community.
Garth Buckner, president of Sandyport Development Co Ltd, said: “The development has been very successful and while we now focus on the commercial and hotel phases of the project, the gated residential side is complete.”
Every home in Sandyport has a boat dock or access to one, guaranteeing a safe mooring and easy access to the sea. The canal community is located within a few minutes of the airport and Baha Mar, yet far enough to avoid the main traffic arteries on the island.
The addition of a school, 24-hour security, restaurants and a grocery store just around the corner has branded it as a “go-to location” for residential buyers and renters.
Buckner added: “The vision was to design a community that would offer all the amenities at a price that targets the professional buyer or renter.
“The community feel and 24-hour gated security have also proved popular with international renters on two-year work permits. This has pushed demand for rentals, resulting in a solid return for owners.
“Because of our location, we were able to secure government approval for a canal system, providing the only safe marina in the Cable Beach area, and the government has now said it will not approve any more.”
The final six residential properties have been listed with local firm Engel & Volkers, which is selling the homes with a guaranteed rental income.
Advisor Leo Huber, who is responsible for the sales, said: “Where can you buy a property in such an established community and enjoy an assured rental stream for two years? The net yields hover between 4.5 and five percent.”
The properties, which are all located on the Sandyport waterway, range in price from $695,000 to $1,250,000 and 2,000 to 3,000 square feet, comprising three to four bedrooms.
Huber said: “Not only is it location, location, location, but for Bahamians who are limited to investment opportunities (like world stock markets) because of Central Bank controls, this is a great investment alternative.”
With a 20-year background in international banking, Huber also feels Sandyport is one of the better investment hedges against long-term inflation and other economic risks.
“The community has international appeal from both buyers and renters,” he said. “Many renters are paying in US$ or the equivalent B$. There is no interest earned today from the bank so a home earning 5 percent in rental income, most often in US currency, is a very attractive alternative.”
Engel & Volkers Market Reports show that Sandyport rental returns are consistently higher than Paradise Island and other Cable Beach communities.
