Six units in the Old Fort Bay Town Centre have been sold since HG Christie Ltd. became the exclusive listing agent for the remainder of units less than a month ago.
New Providence Development Company (NPDCo) made the announcement in late August, and since then Guardian Business understands that sales in the shopping plaza have been moving swiftly.
HG Christie Ltd. Vice President John Christie said there were 18 units for sale when the firm took over the project. Now, there are only 12 available. He believes these numbers show they've been gaining some "good momentum".
"There is a very limited supply so things are moving in the right direction. And we're getting strong interest. There's really no place like Old Fort Bay Town Centre that's servicing all of the nearby luxury developments," he said.
Jane-Michele Bethel, NPDCo's vice president of real estate, added that rentals have also been going "extremely" well.
"We have had a lot interest in the office condos. People are interested in purchasing them and one or two are interesting in renting. We are excited because we think that this is the place to invest. It's all happening in the west. We are creating an economy to supply and service the shopping center," she said.
On Thursday evening, HG Christie hosted a cocktail reception and presentation for a small group of business professionals, all in an effort to garner more interest in the area.
"Our aim is to keep the momentum moving. From last (Thursday) night's event, we have had a lot of interest expressed to us. Hopefully, we will be going to contract with a few more sales and rentals. So we feel it was a very successful event," Christie said.
The firm's regional rentals and marketing executive, Bettina Thompson, pointed out that one of the unique features being offered at the Old Fort Bay Town Centre is the ability for Bahamian businesses to grow an equity position in their business. It's a feature she calls "uncommon".
"A lot of times developers will build something and you're constantly leasing and your money is securing their equitable position in that area. In this complex, NPDCo has allowed the purchase of these units and for the business owner to grow their own equity. Should their concept not work or they outgrow the space, they could sublease it or would have equity to resell. That is unheard of. It's really something that every business owner will be intrigued by," according to Thompson.
"We hear about the skyrocketing prices and a lot of Bahamians businesses feel like 'Oh, that's going to take foreign direct investment.' But these are priced at a price point that allows an attractive positioning for the Bahamian businesses to really come out, expand and to take advantage of the growth that's appearing on the western side of the island."
Meantime, there is only one rental retail space left downstairs in the Old Fort Bay Town Centre. Two restaurants, including Naughty Johnny's, set to open at the end of October, are expected to take the remaining restaurant spaces.
"Upstairs, we have under contract six of the 24 units. A doctor's office will be opened in October. HG Christie is moving their business out west. And we have got 12 units available in other two buildings," Bethel added.
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