NAI Bahamas Realty Commercial, the commercial division of Bahamas Realty Ltd. and a member of the world’s premier managed network of commercial real estate firms, announced today that it represented the sale of Frederick House by Beaumont Bahamas Limited to The Utilities Regulation & Competition Authority (URCA).
Frederick house is a 4-storey, 27,762 sq. ft. (2,580.11 m2) office building situated on Frederick Street between the main thoroughfares of Bay Street and Shirley Street. The building was sold for $3,800,000.
“We’re pleased to have represented the sale and acquisition of this historical downtown building, and to have helped the Ministry relocate its offices to a more functional space,” said Larry Roberts, CEO of NAI Bahamas Realty Commercial. “This sale is the latest of several recent major transactions we’ve represented in The Bahamas.”
Despite a soft economy, Bahamas Realty announced recently that they had seen a 60% year-over-year increase in sales for 2016. “This is no small feat in our economy and a lot of our success can be attributed to the hard work and talents of our team,” explained Mr. Roberts.
“Our team members have invested a great deal of time and energy into systems training and continuing education and are now seeing the benefits.”
By Iona Henderson