NORTHSIDE PARTIALLY BUILT DUPLEX

Details

Partially Built Duplex – North Side, Grand Cayman Partially built 3,537 sq. ft. duplex in North Side, comprising three bedrooms and 2.5 bathrooms in each unit. The property has been vacant and construction has been inactive for approximately five and a half years. The main structure, walls, roof, windows and doors are already in place, although renewed planning and building approvals would be required. This property would be ideal for a builder, developer or someone looking for a renovation and completion project, offering the opportunity to finish the property to their own specifications. Mechanical, plumbing and structural plans, along with the original building permits, are available. Further Details Square Footage The original building permit (B18-0576) is for 3,536.95 sq. ft. over two storeys. This equates to approximately 1,768.5 sq. ft. per unit, with each unit comprising three bedrooms and 2.5 bathrooms. Materials Already Purchased and Installed The materials currently at the property have largely been installed rather than stored. These include: Roof, windows and exterior doors Interior doors, trims and baseboards Majority of the drywall Bathroom and shower wall tiling Internal staircases Septic system Electrical meter pedestal Construction work ceased on 10 March 2021, meaning the property has remained inactive for approximately five and a half years. The building had already been enclosed before construction stopped. The roof, windows and external doors were installed by late 2020, and the internal finishes were well advanced. The property can therefore be considered a weather-tight shell, subject to a professional inspection and verification of its current condition. Estimated Cost to Complete The last formal estimate to complete the property was CI$110,000 in March 2021, based on an anticipated four-month construction programme. However, this estimate is now approximately five and a half years old and predates the significant increases in local labour and material costs. Accordingly, this figure should not be relied upon as a current estimate of the cost to complete. Prospective purchasers are encouraged to obtain an updated construction estimate from a qualified contractor. Planning Consent and Building Approvals The original planning consent should be treated as lapsed, subject to confirmation from the relevant authorities. As the previously approved architectural drawings, structural plans and supporting documentation are available, these should provide a useful starting point for a new application. However, prospective purchasers should assume that fresh planning and building approvals will be required before construction can recommence. An excellent opportunity for a builder, developer or investor to acquire a substantially constructed duplex and complete the development to their preferred specifications, subject to the necessary approvals.