About the Property
43 acres zoned resort residential/commercial with nearly
one mile of both Caribbean Sea frontage and
main coastal highway frontage.
Location & Market Profile
Ideally located on the Caribbean Sea side of the main coastal highway between Montego Bay and Negril in Hanover parish Jamaica.
The sea is rather docile in this location and the land has a very appealing view along with cooling prevailing breezes.
Hanover is situated at the north-western end of the island and is the least populated parish in Jamaica. Its economy remains largely agriculturally based despite coastal areas which offer tourism with very scenic dramatic sea vistas, tranquil coves, and lush greenery.
The coastal districts of Cousins Cove and Davis Cove are predominantly low-income settlements between Green Island (5 km to the west) and Lucea (the parish capital – 8 km to the east) in a largely undeveloped area characterized by linear type residential developments along the main roadway.
Lucea provides a variety of commercial, civic, institutional educational, and entertainment facilities.
Green Island and its surroundings presently house much of Negril’s lower and middle-income workforce which commutes into the resort area daily for work (mainly in Negril).
The general location of this property has benefited from the upgrading of the Montego Bay to Negril segment of the north coast highway resulting in easy commuting to commercial centers, accelerated land speculation, and residential development primarily in the form of new subdivisions.
These coastal locations which have been overlooked for many years are now coming into sharper focus for new development. There is heightened interest in the local real estate market partly due to planned hotel development in the area and increasing land prices. Seafront properties like the subject property which are proximate to major towns are at a premium and in short supply and are drawing keen interest from prospective investors.
Additionally, present and future demands dictate the need for more housing in the area. Market activity in this location is heavily influenced by the fortunes of the tourism sector. Given the prospects for expanding tourism in Hanover which includes the planned 2000 room hotel development in Green Island, therefore, the Cousins Cove area is now coming into focus for greater development.
Property Attributes
Registered as land part of Cousins Cove Plantation in the parish of Hanover, this lot has a total land area by survey of approximately 20.88 hectares (51.54 acres). The actual property size available for sale is approximately 43 acres.
Approximately 3 acres have been utilized by the government for road expansion whilst a couple acres at the eastern section of the property was subject to subdivision comprising 6 unfinished units. However, none of the above has been endorsed on the title hence the valuation will be for the 20.88 hectares (51.54 acres) excluding the 6 unfinished units.
The parcel has an irregular-shaped seafront 10 meters (30 feet) above the highwater mark and provides excellent views of the sea and cove area.
The land is set slightly below the road and maintains level to gently sloping topography throughout. The soil appears free draining at the surface and the lot appears stable overall. A soil analysis would need to be done to confirm the casual observation.
The sea frontage is bare, comprising raised reef with honeycomb rocks consistent with other seafront properties in the area. The boundaries are generally un-enclosed and access is onto unpaved driveways.
The sea is rather docile in this location and the land has a very appealing view along with cooling prevailing breezes.
The gallery below shows past pictures of property. Note: these pictures do not reflect the current state of property.
Improvements
There are five main structures of varying age and condition.
The gallery below shows past pictures of improvements. Note: these pictures do not reflect the current state of improvements.
Improvements-Replacement Costs
For the purpose of establishing appropriate levels of property insurance, we estimate the Replacement Cost (as is) of the buildings to be One Million Forty-Two Thousand United States Dollars (USD$1,042,000) rounded (JMD$161,200,000); apportioned as follows:
| Item | USD$ | JMD$ |
|---|---|---|
| Residences 1, 2, and 3 | $432,000.00 | $66,900,000.00 |
| Office Building | $140,000.00 | $21,700,000.00 |
| Entertainment Building | $470,000.00 | $72,600,000.00 |
| Total | $1,042.000.00 | $161,200,000.00 |
Valuation
Certificated appraised Market Value of the freehold interest, as defined by the RICS Valuation Global Standard, November 25th, 2021 is USD$26 million (JMD$4 billion).
This valuation adopts the principle of Highest and Best Use which is defined as ‘The most probable use of a property which is physically possible, appropriately justified. legally permissible, financially feasible, and which results in the highest value’. The inferred analysis points to Resort development as the Highest and Best Use.
Legal
No Restrictive Covenants are endorsed on the Title.
Caveats C-919176, 1300573, 1814054, and 2008539 are endorsed on the Title.
Utilities & Services
Utilities
Electricity, water, telephone, high-speed internet are available at the property. Local main and internal roads are paved.
Schools
Green Island High School is located only 4.5 kilometers (2.8 miles) from the property.
Services
Village shops, bars, Churches, Primary and High Schools are available to the immediate location.
Licensed taxis and buses provide public transportation from this district to Lucea and Negril where there is a wider range of goods and services offered.
