Credit union's Abaco plaza over 90 percent leased

Mon, Sep 16th 2013, 10:51 AM

A $14.8 million Abaco shopping complex which is expected to provide as much as $100,000 a month in revenue to its developers - a credit union - is now over 90 percent leased, in expectation of an early 2014 opening.

The Central Pines Shopping Centre and Business Complex, developed by the Teachers and Salaried Workers Co-operative Credit Union Ltd. (TSWCCUL), includes around 56,000 square foot of rental space, across 14 units.

Anthony Rolle, property manager for the TSWCCUL, said he had 37 requests before him for spaces in the plaza, and if he was not seeking to secure primarily well-established business operations the complex would already be "over-subscribed".

"To tell you the truth the response was overwhelming, but I'm looking for people with experience and that's the problem I'm faced with; I don't want a start up business pay first month's rent and then the business doesn't sustain itself."

In addition, Rolle said he anticipates the demand for the spaces would have been even greater had the government not decided to build a new complex to house many of its local offices in the area. "We had the Counsellors do a feasibility study before we went ahead and spaces were in demand, but after government built its complex a lot of other space became available.

"Government rental is a long term thing, [whereas] how long shops will sustain themselves is questionable, but we do have some reputable businesses," said Rolle. The complex is around three to five minutes drive from Marsh Harbour, not far from Dunmore Town.

It is being constructed by Woslee Construction and is set for a November 2013 completion. Within the complex is a stand-alone office building that will serve as the TSWCCUL's office on the island. There are additional office spaces available for rent within this second building.

The complex is the third shopping plaza to be developed by the credit union as it looks for new investment opportunities. Two other plazas have previously been developed by the credit union in Freeport and Nassau.

As for the likely make-up of the plaza, Rolle said there is a health clinic, a food store, a fast food franchise, a hardware store, a restaurant and bar, a liquor store, a sporting goods store, a bakery, a bridal store and possibly a movie theater.

The clinic has rented both one of the larger upstairs spaces in addition to a downstairs location. "It's quite varied," said Rolle, who added that one of the larger spaces upstairs now remains, which can be subdivided into three smaller spaces if necessary. The TSWCCUL has now collected close to $30,000 in deposits from companies wishing to lease spaces in the complex and projects a potential $100,000 a month in revenue from the complex.

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