Property demand

Article by Shawn Cumberbatch

CLICO has folded, but its prime South Coast real estate is now a hot ticket for local and foreign property investors.

Tony Hoyos, chairman of the failed insurer’s successor, Resolution Life Assurance Company (ResLife), yesterday confirmed that more than 24 domestic and overseas entities submitted offers to purchase Worthing Corporate Centre in Christ Church, where ResLife is located, adjacent properties occupied by Trimart Supermarket and Courtesy Garage, and four nearby residential/vacant lots.

This comes more than a month after the properties were advertised for sale. Hoyos said they were now “asking certain bidders for clarification” on what they intended to do with the real estate if their offers succeeded.

Given that the sales involved competitive bidding, with Cabinet ultimately deciding on the outcome following a recommendation from the ResLife board, the chairman did not disclose the exact offer prices, but said they were worth millions of dollars. (SC)

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