North Caicos Marina & Sandy Point Land Assembly . . .
A unique opportunity now exists to acquire the balance of the North Caicos Marina, a registered waterfront land subdivision, along with the developers other holdings which include 17 acres of land for a Beach Resort, prized residential beach land, modern beach home and ‘Seaside’ cottages currently vacation rented and other residential parcels nearby.
Take over a blank canvass with ownership of the 13 plus acre marina basin, 500ft across at its widest point, roads, canal system and building controls – the site is ready to ‘go vertical’ and is an ideal situation for a group to offer various tourism and residential product to their existing clientele and to take advantage of the huge upswing in demand of 2nd and vacation home buyers in the Caribbean.
Quick Facts . . .
Freehold purchase ready for immediate closing – the one developer has, in all, over 80 freehold (absolute) titles available for purchase. 17 acres resort development parcel with over 400 linear ft of North Shore Beach frontage orientated for sunsets over the water. 3,500 linear ft. commercially zoned waterfront with marina ownership.
Investors may apply for Permanent Residency with an investment in building or renovation of just $300,000 on this island. Marina frontage parcels 1 acre to 12 acre sites for hotels, resort and commercial enterprise – marina slips, water sports and dive operation restaurants, shops, car rental etc. 50 Residential Canal front lots and a select number of Channel Beach frontage lots with boat docking behind on title.
History on The North Caicos Yacht Club and Developments . . .
Prior to year 2000 very little building occurred on this sleepy Caribbean island some 25 min boat ride from the main island of Providenciales. Home to approximately 1500 people living in a subsistence culture with abundant fishing, and small crops made possible by more fertile soil and higher rainfall than on the other islands in the chain, the relaxed lifestyle remains a strong draw for locals and expiates that call North Caicos home today.
In 2002 The Gillette and Piergiovanni families canvassed the local populous, gathered support for development and purchased acreage. Sandcastle Estates in Sandy Point was the first of 3 locations acquired from the Emir of Qatar’s local company (this group still own approximately 500 acres on this island). They moved quickly to take advantage of a rising property market and the solid demand for beach and waterfront residential land parcels. Nathan Smith of Coldwell Banker Turks & Caicos headed up the sales and marketing and with the addition of 2 other subdivisions went on to sell in excess of 75 beachfront and waterfront lots, raising price from $150,000 to over $950,000 per lot in 2006.
Sales of the 153 acre North Caicos Marina commenced in 2006 and Nathan sold approx. 1/3 of this development with mostly canal front residential lots ranging in prices from $400,000 ‘off the plan’ to $650,000 on completion and $2,400,000 for commercial waterfront land of approximately 2 acres. A selling price of $1,450,000 was achieved for a channel lot with beach and docking on the same title.
The developers built the entire North Caicos Marina ‘out of pocket’, so when the economic down turn occurred they simply ‘sat out the market’ and have waited for economic conditions to rebound – that time has come. They remain the current owners of the land assembly offered for sale and believe it is the right time to hand over to a developer that intends to ‘go vertical’ and capitalize on the infrastructure they put in place. With no ongoing government fees or costs on the ground the listing is sure to get the attention of corporate and high wealth individuals looking to add a ‘land bank’ to their portfolios, in these most interesting economic times.
About the Turks & Caicos Islands . . .
A British Overseas Territory located at the southern end of the Bahamas chain just an hour and some minutes’ jet ride south-east of Miami, the Turks & Caicos Islands (TCI) comprise eight main islands covering approximately 160 square miles. TCI enjoys year-round sunshine, cooled by prevailing easterly Atlantic trade winds. Summer (April to September) temperatures average 87° F (31° Celsius) whilst in winter (October to March) they average 77° F (25° C). Average rainfall ranges between 25” and 40” and humidity is a low 60%. TCI’s main natural assets are its 200+ miles of pristine white-sand beaches, its coral reefs and ocean walls, offering some of the world’s best diving. Turks and Caicos International Airport – Capable of handling aircraft up to 777 in size, the Providenciales International Airport has recently undergone extensive renovation and extension.
In addition Providenciales now offers 2 private FBO facilities with Customs and Immigration providing fuel and catering among other services required by our many high net worth visitors with private aircraft and their crews and staff. TCI is one of the busiest hubs for private flights with an ever increasing demand for the ‘jet setters’ finding this island paradise.
Blue Haven Marina, Providenciales – Blue Haven Marina in Leeward is an IGY Destination marina and Port of Entry with Customs and Immigration, and offering a wide range of facilities and services, such as restaurant, spa and gym, in addition to the usual provisions for yachts up to 220 ft.
The condominium model where developers secured land, attracted end users and speculators to purchase ‘off plan’, paying structured ‘part’ payments throughout the construction (effectively financing the project) was very successful in attracting new business to TCI. The developers built for the growing demand of owner occupiers and the increase in room nights meant the airlines were prepared to offer more regular flights increasing the overall airlift.
The Governments Tourism Board has been successful in branding TCI ‘Beautiful by Nature’ and continues to attract its target market of high net worth tourists and investors. Across the 400ft channel from the Sandy Point Land Assembly for sale is ‘Parrot Cay Resort and Shambala Spa’. Hotels rooms and beach cottages feature at this Como Resorts property where overnight stays command in excess of $5,000 per night with celebrities frequenting the resort on vacation. In addition high profile personalities own homes on the beach here. Land prices start at over $1,100,000 per acre with homes ranging from $6,500,000 to $48,000,000.
‘Amanyara’ – a superb 2006 addition to the Aman collection of exclusive resorts and residences – average nightly rates start at over $3,000 with Villa Ownership prices at the highest end of the market. ‘Gansevoort’ partners with a modern condo development here and enjoys great success in attracting its hip clientele, offering urban chic on the beach.
In the 1980’s Club Med opened its beach property and was the catalyst for the airport development and what has led to a long upwards trend in tourism. Providenciales is also home to ‘Beaches’ a Sandals Group property which is a leader in tourism promotion and advertising – they are an excellent source of first time visitors who return to stay at other condominium resorts.
Grand Turk is home to the Carnival Cruise port which opened in 2005 and has experienced a steady increase in business to over 1,000,000 passengers now visiting yearly. This is another excellent source of promotion for TCI with many of these visitors returning to the other islands for longer term visits and for some a permanent connection with real estate investment.
TCI is about to undergo another major positive change, certain to drive further the world class tourism product and elevate the islands with the launch of the luxury Ritz Carlton project in the heart of the tourism zone. Slated to offer 124 rooms with penthouses, condominiums, casino and spa, the islands are a buzz with anticipation of the benefits this major construction and hotel operation will bring starting 2016. And as expected with the announcement of this branded hotel development we are hearing about other world class hotel groups keen to also setup here.
For additional information and pricing please contact listing agent Nathan Smith.
Unnamed Road, TKCA 1ZZ, Turks and Caicos Islands
Nathan G. Smith has worked in many areas of real estate over the past 21 years including marketing and sales in Australia, UK, and the Cayman Islands. Having lived in the Caribbean for 20 years and the past 16 years..