May 22, 2019
Bahamas Realty’s commercial division, NAI Bahamas Realty Commercial, announced today that it has been selected to represent the sale of an iconic East Bay Street office complex.
The property located at 23 East Bay St., known as Bydand House, is a functional office complex in a high-traffic, secure location. The prospect represents an attractive investment opportunity with consistent occupancy rates and good tenants.
“In the last few years and, in particular, the last few months we have seen more activity and commercial interest in the eastern district, and the Montagu area in particular, than we had seen for quite a while,” said Bahamas Realty CEO Donnie Martinborough, whose company has had a stately presence in the historic Bahamian building for more than 40 years. “Even we at Bahamas Realty are caught up in the exciting changes with our own office building on the market to sell while Montagu is enjoying a resurgence in commercial development.”
“As both tenants of the building, as well as being the leading commercial real estate firm on the island, we are in a unique position to broker the sale of Bydand House.” Said Martinborough. “We are confident that we will find the right buyer.”
The 1.46 Acre property is situated in an established business district in the Eastern District of New Providence and includes 6,484 SF of office space in the main building with two additional income producing annex buildings and more than ample room for building expansion.
The Montagu area is experiencing a dramatic lift in development. A 100-plus-year-old home has been renovated, transforming it into the wildly popular Wild Thyme restaurant. Almost directly next door, Harbour Bay Shopping Centre, home to Starbucks and Fresh Market, has become a destination shopping plaza, with the parking lot often packed to capacity.
In December the former UBS building, purchased by government, became home to the Securities Commission of The Bahamas, the Compliance Commission and the Data Commissioner among others, giving East Bay St. the pleasure of enjoying a commercial rebound.
While all the activity has been on the south side of the street to date, a new restaurant at the Nassau Harbour Club that has been under construction and under wraps for more than two years is expected to open soon, and renovation is also underway at the currently-closed Waterloo nightclub on East Bay St.
“We have never lost faith in the strength of the east,” said Martinborough. “And with all of the recent activity in the area we recognise this as a great opportunity for investors or businesses looking to expand in a growing market.”