Wotton Lands Location: Wotton, Christ Church, Barbados Cost: $6.77 Million (2008) Property Type: Undeveloped Commercial Lands During the year the Fund completed the purchase of 6.2 acres of land on the ABC Highway with permission for offices. The site has excellent visibility and access in a densely populated area. Land surveyors have been hired to advise on a land use plan as the site is suitable for a combination of office, retail and warehousing.
Lion Castle Location: St. Thomas, Barbados Cost: $2.4 million (2006) Property Type: Undeveloped residential land Two lots were acquired at the Lion Castle Polo Development in 2005. These lots overlook the northern polo goal and sit on top of a coral stone escarpment with panoramic views of the south coast. Plans have been developed for one of the lots and a planning application has been made. The Board has not taken a decision as to when to begin development; however the undeveloped land remains available for sale.A purchase and sale agreement has been signed for the sale of the smaller lot for $1.4 million.
Apes Hill Location: St. Thomas, Barbados Cost: US$1.2 Million (2006) Property Type: Undeveloped Residential land This 20,800 square foot lot is located next to the sixth tee at the new Apes Hill Golf Club which is presently under construction. The Fund completed the purchase of this site during the year. Plans have been developed for a four bedroom house and planning approval has been received from Town & Country Planning and from the Architectural Review Board of Apes Hill. The Fund intends to offer this property for sale off plan. Sales at Apes Hill to date have been extremely successful with some purchases already achieving 50% uplifts at this spectacular golf resort.
Rockley Development Location: Rockley, Barbados Cost: $3.183 million and $3.9 million (2005, entire joint venture, remaining lands Property Type: Undeveloped land The Rockley Joint Venture is a 50/50 joint venture with Dowding Estates and Trading Company Ltd. The joint venture presentlt owns the central facilities site and the Worthing Great House site. The Worthing Great House site is earmarked as Phase II and is to be developed as a new cluster called Cane Garden, however these plans have been delayed. The two and a half acre site, formerly the central facilities location, remains undeveloped and is earmarked as Phase II of the development. The date for the commencement of this phase has not yet been determined. During the year $89,000 was spent by the partners of the joint venture on soft costs in relation to the planned development and $43,000 each was spent in completing Phase I's defects.