Lakeside bulk sale of 73 rental apartments, the primary inventory is 52 one bedroom units, 10 two bedrooms, and 11 three bedrooms.
This is a rare opportunity to acquire en masse a large inventory of units at a property that is well located along the by-pass heading to Camana Bay. The location is excellent as it gives access for tenants to the corridor if working in the hotel or service industry or if location to all the convenances of the Seven Mile Corridor, like restaurants, bars, social spaces, grocery stores, retail shopping, the whole of Camana bay with cinema and commercial offices as well. This has helped in making sure that the apartments are always rented. It also has access to George Town and the industrial side of Town as well. Separately there is access though via foot to the eastern avenue.
This type of inventory is always needed and easy to rent. In particular, the one-bedrooms can work well for couples, in a single space with privacy. Ultimately, the units are being sold based on the value of the asset but with a bulk discount associated while there is a return on investment.
Due to its prime location, they are always rented and benefit from exceptionally low vacancy rates. This property offers exceptional value for convenience, while situated on a property offering many amenities such as a lake, gym, pool, garden and has on site management.
Though current rate of return is around 5.5% prior to management fees, there are many opportunities for improvements in returns, especially as time goes on. Keeping in mind that the capital appreciation would add to the returns over time which adds to the annual cash returns. This could be done by increased rents, renovations and upgrades, sale of part of the inventory to individual purchasers and so on.
Keeping in mind the housing shortage and population growth of Cayman, this type of property will always be needed. This is compounded by the fact that to replace this type of inventory would take a large amount of time and would cost more to replace than the current cost to purchase. This will only get worse as construction costs and timelines are only going up. All of these factors lend themselves to this property being more desirable from a rental perspective but also from a purchasing perspective of the individual apartments.
One of the additional bonuses about this type of asset is that it is stratified and as such can at any time be sold as individual properties and seeing as the current sales prices are north of US$480 per sq.ft. it is easy to say that they will provide good value at any point in time and give the new owner the ability and flexibility to sell of the individual apartments.
This would be great for a group to purchase or an institutional investor as the asset is a stable one and is consistent with it returns year over year and will be going forward while the underlining value of the asset will continue to grow as well.
Please contact us for more information.
Block 13D Parcel 261H13,18,30, 43,61,66,81,83,86,88,93,96,98,101,106,113,118,125,128,133,135, 137-139,142,144,145, 147,150,152-154,158-180,182-184,186-190, 192,195,196,198-203 & 207
- Price $22,000,000 USD
- View Garden View, Lake View, Pool View
- Bedrooms 105
- Bathrooms 94
- Sq ft 43431
- Price/sq ft $506.55 USD per sqft
- Acres 9.2300
- Type Apartment Building / Condo Building
- Built 2007
- MLS 416463
- Furnished: Yes
- Living room
- Kitchen area
- Dining area
- Central AC
- Utility room
Explore the areaGeorge Town
As Grand Cayman’s capital city, George Town is the business centre of the island
Arrange a viewing with the Bovell team
Stay up to date
Get the latest listings, property news, insights, and market reports delivered right to your inbox.