GBPA showcases investor-ready commercial and residential properties

GBPA showcases investor-ready commercial and residential properties

NASSAU, BAHAMAS — Executives of the Grand Bahama Port Authority are heralding a ‘renaissance’ in the island’s economy, with a pipeline of projects worth $2 billion.

During the opening of their Nassau satellite office, they showcased several ‘investor-ready’ commercial and residential properties.

Derek Newbold, Chief Investment Officer for the GBPA, highlighted the progress made since Hurricane Dorian, stating: “Since hurricane Dorian we have made significant progress. What’s happening in Freeport is somewhat of a renaissance. Many of the projects we have been working on for years are now coming to fruition. We have investments now taking place in the maritime sector, hospitality sector, upgrades to the Grand Bahama International Airport, investments in financial services, health care, education, and manufacturing, as well as real estate, which is coming back in a big way. There’s more than $2 billion worth of projects in Freeport underway or about to be started later this year.”

Newbold pointed to the Grand Bahama Shipyard’s $250 million expansion project and the $600 million Carnival Cruise Lines Celebration Cay development among the projects slated for the island. He projected that Freeport would host some $5-$6 million cruise passengers in the next two to three years.

Charles Pratt, senior manager of sales and development at DevCo, the predominant landholder in the port area, explained that several properties are ripe for touristic commercial investment, capitalizing on anchor developments such as the Six Senses resort project by Weller Development. There is also an opportunity for residential property investment, with a 133-lot offering.

“What we have done is identified six to seven strategically located commercial properties that are near anchor developments and landmarks within the Freeport area. We are targeting investors interested in contributing to Grand Bahama’s resurgence almost immediately,” said Pratt.