Yet again the exclusive west coast of Barbados is set to attract millions of dollars in real estate development, this time the site of such development will be the properties formerly known as Cheffette Holetown and the old Regent Hotel.
With another property just north of it, Beachlands set to start construction within the next few months and London based developers for this other site looking to start construction once they receive Town and Country Planning Department.
But this new property development will not be home to luxury condos but will house some of the largest beachfront beach houses on the west coast, all to be funded by Central London-based developers Nick Leslau and Bruce Richie.
Additionally the parcel of prime beachfront land where The Regent Hotel building shell now stands will be home to smaller houses, which will all compete with older beachfront homes.
The developers have already noted that their major market for their property will be the UK, who will more than likely use them as an investment property.
It is estimated that the property will take approximately 2 years for construction. The developers have also highlighted that the move to go ahead with the property development is testimony of their confidence in Barbados as tourist destination, investment market and a stable economy in the midst of an unstable global economic environment.
“The investment in Barbados is quite a diversion for us . . . but we thought this is such an amazing piece of real estate,” Leslau said.
He also said the project was an indication of his company’s confidence and belief in Barbados. He said he was attracted by the stability of the Barbados economy, which though currently suffering the effects of a downturn in tourism, was robust.
The developer has highlighted that his experience in the area lies mostly in the UK with approximately 25 years, and his company had a large portfolio of about £3 billion in gross assets around the UK, such as the famous Madame Tussauds Wax Museum, 150 hotels and some of Britain’s big theme parks, all owned in joint ventures.
The west coast property is the first in Barbados for Leslau and his partner and he said: “We are pretty committed now just to Barbados.”
This project will be an interesting addition as there are several other projects now nearing completion or about to start construction. These include; St. Peter’s Bay Limegrove Lifestyle Centre, Portico, Port Ferdinand, and Beachlands is about to start construction. Meanwhile places like The Sands have recently been listed with a local agent.
