Thoughts on Residential Living in the Bridgetown City Centre

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THOUGHTS ON RESIDENTIAL LIVING IN THE BRIDGETOWN CITY CENTRE A Survey

2021 | MAY


Residential Living in the City Centre The City Centre continues to experience significant levels of vacancy across the board. A recent analysis of six retail and office buildings (randomly selected) comprising approximately 200,000 s.f. indicated an overall vacancy rate of 70%. The levels of stabilised vacancy in the City Centre have been increasing year on year and this has had a considerable negative impact on yields and property values.

Hayden Hutton CCIM, MRICS Chief Operating Officer

The pandemic has further exacerbated an already tough rental market with many Landlords opting to give discounts in the recent months in an effort to retain tenants. There is little evidence to suggest that this current trajectory is likely to change any time soon. Against that background, we conducted a brief survey to explore attitudes around the notion of an additional use case for the City Centre Residential Living. Following is a summary of the survey and responses.

How often do you visit the Bridgetown City Centre to do business or to shop?

What are your primary reasons for visiting the City Centre?

45% 40%

88%

35% 30% 25% 20%

Infrequently 42% 42%

10%

8%

4%

0% Infrequently

17%

Banking

Not at all

Frequently

40%

Neutral

Nightlife

Very Frequently

How would you describe your view of the City Centre as a destination for shopping or doing business?

40%

14%

Restaurants 6% Entertainment

15%

5% Very Infrequently

35%

Business

Other

32%

15%

69%

Shopping

Negative

1% 0%

10%

20%

30%

40%

50%

60%

25% Same

13% Positive

80%

How do you think the City Centre compares to other business districts for shopping and doing business eg: Warrens, Six Roads, Speighstown?

62% Worse

20%

70%

Better


Do you think the Bridgetown City Centre is ready for residential development today?

50% YES

Would you consider living in the City Centre today, in a high-rise apartment building offering modern amenities?

50%

32%

68%

NO

YES

NO

Which of the following groups do you think would be best suited to live in such a building in the City Centre? Young Professionals

What would your main concerns be about living in the City Centre?

81% 52%

Students Welcome Stampers

43%

0% 10% 20% 30% 40% 50% 60% 70% 80% 90%

How likely is it that we will see any significant residential development in the City Centre within the next 5 years?

Very Likely

14%

4%

Likely

Likely 10%

Not Sure

37%

Unlikely

28%

Very Unlikely

21% 0%

5%

42%

Parking

42% 39% 25%

Lack of entertainment

8%

Families

General cleanliness

Lack of green spaces

22%

Retirees

42%

Traffic

31%

Expatriates

Crime

10%

15%

20%

25%

30%

35%

40%

9% 0%

5%

10%

15% 20% 25% 30% 35%

40% 45%

What do you think is the key to successful residential development in the Bridgetown City Centre? Key themes from the answers were as follows: • Significant infrastructure investment needed • Refurbish and reuse old buildings • Address Crime and Security issues • Improve traffic congestion and parking • Cleanliness and beautification needed • Improved Amenities and Attractions • Redevelopment to a walking and bike friendly City Centre


Respondents weigh in on Residential Development in the City Centre

Localized redevelopment involving green spaces, good security, opportunities for social activity in the evening, good services, a sense of place and creation of a sense of community. Broad Street must be closed off to vehicular traffic and become a pedestrian mall. Significantly improved traffic flow and parking (bypassing Broad Street) and development and maintenance of green spaces.

Refurbish the old buildings and keep it as a heritage city. Do not demolish the old architecture.

Complete restructure and revamp of the city and its amenities. Good maintenance and security 24/7 an absolute necessity. This issue has been discussed for decades. It needs political will and flexibility, and a lot of private investment. Action! Too much talking for too long with no apparent advancement. Take a bite size idea, find the "doers" in the relevant industries and build just one top class residential property /development designed to meet the needs and likes of the target demographic - e.g. young aspiring professionals.

Sales | Rentals | Advisory | Facility Management T: (246) 434-9000

terracaribbean.com

Terms & Conditions - These survey results have been published for general information only and are not to be relied upon. Although high standards have been used in the preparation of the information presented in this report, no responsibility or liability whatsoever can be accepted by Terra Caribbean for any loss or damage resultant from any use of, reliance on or reference to the contents of this document.


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