Project for sale in Heywoods, Saint Peter

17,000,000 USD 15,810,000 EUR 13,430,000 GBP

Reference: 247357

Plot Size: 9.66 hectares / 23.86 acres

Features

Sea View
May Require Improvement

Details

Lagoon Land represents twenty-four acres of prime real estate on the Platinum Coast of Barbados.

The site is located directly opposite the prestigious Port St. Charles Residences and Marina, and adjacent to the new Port Ferdinand.
The proximity to these luxury marina communities puts Lagoon Land in the heart of the high-end residential hub of the North-western part of the Island.
The plot gently slopes upward from the Caribbean Sea toward the East and its landscape allows for the development of a combination of residences including condominiums built around a man-made lake and elevated properties with views of the Caribbean Sea.
Planning permission has been granted for the development of 200 units.

The property is located in close proximity to Speightstown, with its fish market and amenities and also close to Holetown which hosts an array of shops, restaurants and bars making the property ideally situated.

Details on planning permission and plans available on request.

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Barbados Property Buying Guide

1. Registering with a Barbadian Lawyer and the Central Bank of Barbados.

In order to purchase a property in Barbados you will require a registered Barbadian lawyer, their fees will be around 1.5 to 2% of the purchase price (+15% VAT). The buying process will generally take around 3 months. There are not generally any restrictions on ownership by foreigners, except for a formality that, if you are a non-resident, the Barbados Central bank must you give you permission before you may purchase a property. If you fail to gain this permission your purchase will be void. It is required by the Central Bank of Barbados that all money that is brought into the country must be registered. This can be best be handled by your Barbadian lawyer.

2. Signing the Purchase Agreement and Paying the deposit

Your lawyer will be charged with the conveyance of the title, the recording of the deeds and registering the survey plans with the Land Registry. Before you sign the Purchase Agreement and pay the 10% deposit, they will also check the agreement which will have been drawn up by the vendors lawyers. The Purchase Agreement will then be signed by the vendor and the deposit will be held by the vendor’s lawyers. The deposit will be forfeited if at any point after this you decide not to go through with the purchase.

3. The Conveyance

The register search will be carried out by your by your lawyer in order to establish whether the property or land is free from charges or any encumbrances and to establish the title. The conveyance will be drawn up by the sellers lawyer and will be checked by your lawyer. Once these checks have been made you will sign the conveyance and the balance of the funds will be paid. Once you have signed the conveyance it will go back to the venor’s solicitor to be signed by the vendor. Your part of the sale is now complete, all that is left is for the vendor to pay the stamp duty and to transfer the taxes.

4. General Information on Property Ownership in Barbados

Property can be owned in various ways in Barbados. In the name of an individual, through a trust or other entity, or through a foreign or local company. It is not unusual for non-Barbadians to purchase properties through newly formed offshore companies which are outside Barbados, but are registered to do business in Barbados.