Barbados real estate has been maturing at a consistent pace over the last 15 years and one of the island’s leading realtors has noted that the time has come for mix use properties to become more formidable in the real estate game.
Paul Altman, Managing Director of Altman Real Estate Services, has highlighted that mix use developments could be the way forward for property development in such a market.
With the island’s west coast littered with condominium and townhouses, and the south coast now taking shape and attracting similar developments, the most logical question becomes, what’s next?
In a self-penned article entitled, “The Next Development Wave – Redevelopment” Altman presupposes that further potential of the sector stands with redevelopment and the areas that present good opportunities for this are Bridgetown, Holetown, Oistins and Speightstown.
Altman notes one of his major development projects that is currently taking shape as a notable project that is a mix use property. According to the experienced realtor, “The first real Town Project is underway in Holetown and offers the “live”, “work” and “play” theme. Although not a re-development, it captures the essence of urban revitalization.
He explains that Limegrove will be a mixed-used development when it opens at the end of 2010. It will be the first development to offer townhouses as a part of its varied “built” product. These will be townhouses as they are really meant to be – in a Town.
It is explained in the article that the designs of Limegrove’s 12 commercial buildings borrow from the island’s vernacular architecture. The benefits of urban redevelopment will be all spelt out at Limegrove.
A resident could live there, work there and play there without ever needing to use a vehicle.
Indeed the idea of mix use properties in Barbados, does not simply stop there , as one other development has already been completed in recent months and the other has 2010 deadline, also fill that gap.
Somerley, located in Worthing has been described as a unique offering, as the property has an the ease of ownership. That ease of ownership comes with the common property actually producing income.
The income and uniqueness is held with the property being home to both residential and commercial clients. Somerley will house 14 residential units but more interestingly it will be home to a retail bank and other commercial offices. This concept is one of the first for Barbados but it is very popular across the globe. Mallalieu explained has explained to the media, “Because of the mixed use concept what is unique for the residential owners is that each apartment owns a share of the ground floor commercial space. Most people understand when they buy a condominium that they own a share of the facilities but that means they own a share in the expenses because the pool costs money to run. However in this case not only do you own a share in the common property but the common property actually produces income.”
