There’s a gap in the market!
13 May 2008
The Hotels and Leisure team has been commissioned in Barbados
The Hotels and Leisure Team has been commissioned to assess and inform the client as to the optimum use of a 5.5 acre inland site on the west coast of Barbados.
Extensive analysis of the real estate market revealed an excess supply of lower and mid market properties, particularly condominiums and apartments. Large luxury villas, however, are in short supply. Subsequently the Team provided the client with three feasible scenarios to target this gap in the market:
- 15 units: 5 lots of 15,000 ft² with a built area of 9,000 ft² and 10 lots of 12,000 ft² with a built area of 7,500 ft²
- 20 units: 5 lots of 12,000 ft² with a built area of 9,000 ft² and 15 lots of 9,000 ft² and a built area of 7,500 ft²
- 30 units: 10 lots of 15,000 ft² with a built area of 9,000 ft² and 20 lots of 12,000 ft² with a built area of 7,500 ft². This scenario assumes that the client utilises an adjacent 3 acre plot of land.
In addition to the inland site the client has also purchased a beachfront plot offering 28 metres of beach frontage. The island’s planning policy allows for a built area of 1,300 m² over three floors. The Team proposed a private members beach club that would include, beach facilities, a spa and dining area to cater for inland residents.
This project is currently in its incubation stage. It is expected that the scheme will be submitted for planning permission by the end of 2008.
