Leisure/hospitality for sale in Un-Finished Luxury Resort, St Lucia

Offers in region of £38,951,250 (US$50,000,000)
Interested in this property? Call +44 330 038 9578 * or Request Details

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Property description

608 acres!
2440254 square metres!
The development is located in the south-eastern sea board of the island, about 20 minutes away from Hewanorra International Airport.

Key Original Features of The Resort:
The elevations are from sea-level to 620-feet above sea-level. Every residence is guaranteed to have phenomenal vistas of the bay, marina or ocean.
An 18-Hole Championship Masterpiece designed by the Legandary Greg Norman.
The Award Winning, Upper-Upscale Starwood-Westin Hotel and Resorts would be the Hotel-Operator for the Ocean Point and Ocean Reef Collection.
The Ocean Point and Ocean Reef Collection of Residences are Fully Furnished with Luxurious and Designer Furniture, Fixtures and Equipment.
608 lush and pristine acres of 5-Star luxury residences, amenities and services.
Troon Golf managed signature course designed by Greg Norman. 18 Ocean View Holes on what is expect to be among the most photographed courses in golf.
The golf clubhouse site 275-feet above sea-level and boasts breathtaking views of the bay, the marina, the residences, ocean and horizon.
A 42-berth Marina accommodating yachts up to 200-feet in length and a Luxury Marina Village will be part of The Resort second phase.
Nature trails and eco-tourism activities on the property and the surrounding areas.
Also in phase 2 (the “Sophisticated Phase”) will be a along with a 5-star Boutique Hotel, an Accredited Wellness Medical Spa & a Commercial center with upscale shopping boutique.

2018 – Facts about This Hotel in St Lucia for Sale
Late 2008 the Bank experienced severe liquidity constraints and on January 31,2009 the project went into receivership.

Walk Away Price – usd$50M
Current asset value is over usd$250M

Substantial construction and grading occurred with records indicating over usd $85,000,000 in expenditures. Grading for the golf course was completed but substantial erosion has occurred over time.
23 buildings of 3 & 4 storey heights in various stages of completion exist on the site. Four of which have been found structurally unsafe or questionable..
One “activities centre” block.
A large conglomerate structure housing the hotel project central facilities mainly on two floors.
Two wells with then proven production of clean water at 300,000 gallons per day are in place but have not been checked or serviced in years.
Tax concessions granted by the Saint Lucia Government remain in force.
The original resort was marketed on a condominium concept and that approval had been advertised as granted by the Government of Saint Lucia (gosl) for several financial incentives including:-
a. Income tax and withholding tax exemption on rental income earned.
B. Alien landholding license fee waiver.
C. Waiver of Income Tax.
D. Stamp duty exemption.
E. Vendor’s Tax exemption.
This project is identified as a flagship development for the tourism industry of Saint Lucia.
This project is viewed as an important catalyst for economic development of the surrounding communities.
Queens chain lease is current.
All utilities are either in the vicinity or adjacent. Final connections of the services will be
required after project completion and inspection. A sewerage treatment plant will be required.
All necessary approvals or waivers from the Development Control Authority, the
architectural, engineering and golf course designers can be readily obtained.
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For more information about this property, please contact
Othen Business Services LTD, BS1 on +44 330 038 9578 * (local rate)

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Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Othen Business Services LTD, and do not constitute property particulars. Please contact Othen Business Services LTD for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.