USD $ 24,600,000 TURKS AND CAICOS
( Price for enitire property - individual parcels may be available. Please contact us for more info. )
North Caicos Marina and Sandy Point Land Assembly Turks and Caicos Islands, British West Indies
* British Overseas Territory in the Caribbean
* Zero income tax, zero annual property tax, no capital gains tax
* English language, British Common Law, US $ and USA business practices
* Land title guaranteed by the British Commonwealth
* Assembly includes 80 plus Freehold (absolute) titles for sale as one or in part
* No Restriction on foreign ownership
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.
This 153 acre land subdivision was complete in 2006 and includes extensive site works and infrastructure of marina and canal system, 5 miles of sea wall, capped with 6ft. concrete and side walks, paved roads, street lighting and pipes for water and fire control.
Investors may apply for Permanent Residency with an investment in building or renovation of just $300,000 on this island.
Freehold purchase ready for immediate closing - 80 plus freehold (absolute) titles
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.
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.
60 Residential Canal front lots and a select number of Channel Beach frontage lots with boat docking behind on title.
Sales history for North Caicos and reason for sale
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 approx 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 approx 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 G. Smith of Coldwell Banker 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 approx 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.
The North Caicos Marina and Sandy Point land Assembly offers a ‘ready to go’ platform for building, exquisite sites for resorts and hotels and a ready supply of land at a significantly discounted rate for immediate or longer term individual on-sale.
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.
With no requirement to build and individual titles the offering may fit into an investment strategy which includes buying sections (multiple lots) at the discounted price and selling part of the holding as prices rebound.
|List Price (USD)||24,600,000|
|Property Location||TURKS AND CAICOS|
|Water View (Ocean Front)|