Based upon all of the market data information, investigations, inspections, consultations and analysis, the scope of work has estimated the Fair Market Value of the 161-acres of oceanfront land “AS IS” and the prospective Aggregate of Retail Values “ARV AS COMPLETED” as follows:
“As is” $100,000,000 as of November 28th, 2017
“ARV” as completed $1,220,000,000.
This appraisal has be prepared in accordance with the International Valuation Standards (IVSs) as promulgated by the International Valuation Standards Council (IVSC) in the United Kingdom. The Appraisal Report will be completed by a Professional Chartered Surveyor (MRICS) designated by the Royal Institution of Chartered Surveyors (RICS). The appraisal is prepared in accordance with the American Society of Appraisers (ASA) own Code of Ethics and Principles of Appraisal Practice to provide a credible, objective opinion of value and completed by a Senior Accredited Appraiser, ASA designated member.
The subject property is briefly described as a 161 acres of 1.3 miles of oceanfront land located near the Southern end of Grand Turk, Turks and Caicos Islands, British West Indies. on Grand Turk, The Capital of Turks and Caicos (“TCI”). (Grand Turk, Block 05, Parcel 25 registered with “Register of Lands” with Survey reference J1/1/325). As stated, “The Property” is surrounded by the third largest Coral Reef systems in the world. Where the outer Reef ends, exists “The Wall”, an ocean shelf that plunges 7,000 feet, providing for the top ten rated destinations for snorkeling and scuba diving in the world. The neighboring properties are the recently built $50M Cruise Ship Terminal, (Carnival Cruise Lines) which brings one million people to this destination per year, and is home to the largest Jimmy Buffet’s “Magaritaville” in the Caribbean.
The other neighbor is The “Jags McCarthy” International Airport providing a 7,000’ runway that abuts an inner portion of “The Property”. “The Property” has been appraised at $100,600,000 “as is” by Global Valuation in conformity with the “USPAP”, “FIRREA”, and “IVS”. The $50 Million Cruise Ship Terminal and the International Airport are adjacent to the subject property. All public utilities are at the property including water, sewer and power and it has approximately 6,000 lineal feet of ocean frontage.
The “Master Plan”
The Master Plan is to Include the following:
– An FBO (Fixed Based Operator) where aircraft can taxi off Jags McCartney Intl Airport to the FBO
– Fly-in Residences – A 700 room Luxury Resort
– Medical / Stem Cell treatment facility
– Cantilever Homes / Villas
– Marina – Bank
– 100,000 Sq Ft Shopping Mall
– Seven story Beach Front Condominium buildings (40 units each).
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