The Ocean Terraces property on West Bay Street, once embroiled in litigation, has ﬁnally opened to much excitement after “many millions” were spent on renovations and redevelopment by Sterling Global Financial’s Bahamas subsidiary.
The property, which sits between the Caves Heights development and Sapodilla Restaurant, sat barren and desolate as a three-storey white shell for close to ten years, but yesterday’s open house held by Sotheby’s International Realty, revealed the resplendent beauty the development was meant to become.
“Sitting up on that penthouse balcony is serenity and it’s a real comfortable place to come home to,” Stephen Tiller, president and chief operating oﬃcer of Sterling Global Financial Limited, said. “It’s eight minutes to the airport and eight minutes to Baha Mar, so I think geographically it’s got a good footprint.”
Tiller, speaking to Guardian Business at the open house, said there has been a lot of interest in the property since the development was ﬁnally completed. He added that there has also been at least one offer made on one of the development’s 16 units.
Prices for the units start at $570,000 and go up to as much as $2,000,000. Tiller said he is conﬁdent given the number of units that the development will be successful and sell out fairly quickly.
“We’ve already had a number of oﬀers, but in the industry realtors are thrilled because there is a real need for a product like this in the west, and I think it is priced right and we’re very pleased that without even starting to market it, we’ve already had a number of oﬀers,” he said.
The property has gone through several owners and lots of litigation. Guardian Business understands that some matters are still before the court.
The property, once called “Allure”, began to sell units before the development was complete, and one of the initial purchaser, a principal of Stellar Energy, has sought to get his almost $2 million investment returned to him.
Meantime, Sterling is hoping to recoup its investment, which Tiller said turned out to be a “labor of love”. He revealed that the entire property, including plumbing and wiring, had to be torn out and replaced, and the pool, now made into a beautiful inﬁnity pool, completely ripped out and replaced. The 2.26 acre development also features a gym.
While the units do not come furnished, Tiller said the high-end furniture in the display units can be purchased in a package.
(Sourse- The Nassau Guardian)