On February 9, 2007, Mr. Richard Peterkin was appointed Receiver and Manager of the assets of Bois d’Orange et al. These assets comprise of a number of real estate properties, both improved and vacant, located mainly in the north of St. Lucia.
BIDDING PROCESS
The properties are being offered for sale either as an en bloc lot or as individual assets. Interested parties should contact PricewaterhouseCoopers in order to receive a Confidential Information Memorandum detailing the Company’s assets and/or to arrange a viewing. Due to the classified nature of the contents of the Information Memorandum, a Confidentiality Agreement must be signed prior to receiving a copy of the document.
The bidding process commenced on May 28, 2008. Bids will be received until 4:30 pm on Tuesday, September 30, 2008.
ASSETS AVAILABLE FOR SALE
The following assets are at present being offered for sale by the Receiver:
BOIS D’ORANGE HYPERMART – is built on over five acres of land just north of Castries on the Gros Islet Highway, on the outskirts of the tourist belt area of Rodney Bay. The property consists of 2 partially completed buildings which are designed to cover approximately 343,000 square feet and there is an area designed to accommodate ample parking space.
RODNEY BAY – there are 7 adjoining lots of vacant land available, one of which is set right on the beachfront with unobstructed views of Martinique. Together the lots are set on close to 7 acres of land bordering the Cap Estate area. The properties are just minutes away from the central Rodney Bay strip with its numerous tourist attractions and is neighbouring several of the island’s newest residential developments.
GROS ISLET – there is an additional property which is located further inland closer to the exclusive Cap Estate area. This plot covers over 87,000 square feet and is located on sloping lands with views of the Rodney Bay Marina, in an area that is undergoing varied constructions.
RODNEY BAY HEIGHTS – nestled on the ridge overlooking the Rodney Bay area, with unobstructed views of the marina and even Martinique, this plot which measures almost 8 acres is located in a developing residential community.
UNION – the first lot is 10 acres found in a valley which borders a nature reserve with its lush tropical vegetation.
UNION (Commercial) – the second property which is located in this area lies on approximately 291,000 square feet of land with a current use as commercial. At present there are 10 buildings erected on the property which is currently being used as a construction depot.
PHOTOS
To view photos of the following properties, simply click the appropriate links below:
INFORMATION DOCUMENT
If you are interested in any of these properties and require further information, please contact the Receiver via email at boisdorange@bb.pwc.com, or simply download and forward the signed Confidentiality Agreement to the Receiver and a copy of the Confidential Information Memorandum will be sent to you.
Confidentiality Agreement
OVERVIEW OF ST. LUCIA
St. Lucia is located among the Windward chain of islands, approximately 90 miles northwest of Barbados and 21 miles south of Martinique. In recent times, the island’s population has grown to over 160,000. In addition to the official language, English, a French-based patois is also widely spoken. For many years the country’s economy has been anchored in agriculture with primary focus on the banana industry. However, with the growing thrust for globalization and the liberalization of economies, there have been significant decreases in the protective measures from which the island’s banana industry previously benefitted. Tourism has now become the prime foreign exchange earner for the country with over 900,000 visitors arrivals recorded in 2007.
Foreign purchasers are required to obtain an Aliens Landholding License. A lawyer in St. Lucia must submit the application to the Ministry of Planning. There is a non-refundable application fee of EC$1,500.00 and the license fee is according to the size of the property to be purchased – EC$5,000.00 for properties measuring less than one acre and EC$10,020.00 for those covering more than one acre. Estimates of other associated fees are as follows:
Stamp Duty – 2% of the purchase price
Legal Fees – range from approximately 3% - 5% of the purchase price
If you require more information on the regulations on purchasing property in St. Lucia, kindly contact the relevant authorities in St. Lucia.
For any additional information please contact the Receiver or his Agent via email at boisdorange@bb.pwc.com or at the contact details provided.
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