NASSAU, BAHAMAS — AML Foods Limited has announced that it has purchased the building space for $10.5 million, including closing costs.
The space previously leased to house Solomon's Super Center located on the East-West Highway and Old Trail Road. According to the company, the purchase was financed through RBC Royal Bank (Bahamas) Limited.
The company plans to remodel the space transforming it into two brand new facilities, a 25,000 sq ft Solomon's neighborhood grocery store, and an adjacent 55,000 sq ft new Cost Right Nassau site.
Gavin Watchorn, CEO & President at AML described the purchase as the "largest and most strategic investment" the company has made in many years.
"The acquisition allows us to remodel the entire building, and simultaneously convert the store to a smaller neighborhood grocery format, following the strategic plan for our company," said Watchorn.
"We are now also able to relocate Cost Right Nassau to a bigger, more purposeful, and convenient space, another goal we have been actively exploring for quite some time."
Watchorn said that these projects will complete the Company's plans for reinvesting in its current stores, and once concluded, AML will refocus on growth through new locations and markets.
"RBC have been the bankers for AML for several decades and we are delighted to have once again partnered with them for this significant investment," said Brian Knowles, Vice President of Corporate Banking at RBC.
"This transaction underscores our commitment to providing innovative and tailored financing solutions that help our clients thrive and communities prosper. We extend our sincere appreciation to AML and its board for choosing RBC to be their financier and strategic advisor."
The format for the new Solomon's Old Trail store will be similar to the Company's Yamacraw location in eastern New Providence and the recently opened Downtown Freeport store. The planning phase for the project was running simultaneously with the building acquisition process, and the Company expects to begin the tender process for construction in the coming months.
Through several phases, AML expects to create two new modern stores, replacing the current equipment, lighting, fixtures, and refrigeration systems. It is expected that the new Cost Right location will open first, followed by the new Solomon's store. Both locations will be powered using solar energy, part of a $1.7m investment in solar power that is due to begin shortly in several of AML's stores.
According to Watchorn, the company will be able to determine a timeline for the project's completion once the design is completed and equipment is sourced.
"It is important to us to provide the best grocery store standards, convenience, and shopping experiences for all of our shoppers, so we will continue to invest in our businesses and drive efficiencies. For the duration of the renovations, we will work to minimize disruption for our customers, and we appreciate your patience as we remodel to better serve you," Watchorn said.
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