PwC leaving GT for Camana Bay

| 04/08/2014 | 0 Comments

(CNS Business): PricewaterhouseCoopers (PwC) Cayman Islands is the latest business that appears to be abandoning the islands’ capital and heading to Camana Bay. During a ‘topping out’ ceremony at Dart Realty’s town, where its latest office block is well on the road to completion, the developer announced that the accountancy and consultancy firm will be its anchor tenant. Despite a government commitment to an overhaul of George Town, with 85,000 square feet at 18 Forum Lane,the islands’ most dominant investor will likely attract some more businesses from the ailing capital.

“With nearly 175 employees and over 40 years’ experience in the Cayman Islands, PwC exemplifies the world class firms that have chosen Camana Bay as the place to locate and grow their business,” said Jackie Doak, Chief Operating Officer of Dart Realty. “It is a privilege to welcome such a prestigious financial services firm to the Camana Bay community.’

Dart has said this office will be the first mixed-use commercial property in the Caribbean to achieve Leadership in Energy and Environmental Design gold certification.

With almost 95 percent occupancy in its commercial premises of almost 400,000 sq ft, Dart has managed to attract many tenants, despite the downturn, and PwC have already taken more than a quarter of this latest building with a commitment to take 26,000 sq ft when it opens early next year.

“When we announced our plans to move to Camana Bay, staff morale immediately changed and everybody sensed the excitement around the office,” said Peter Small, Partner at PwC Cayman Islands. “With all of the lawyers and accountants Camana Bay has a strong professional aspect, but it also factors in family with schools, restaurants and different options in a modern and upscale environment; it’s a major town square. It’s a good decision to be in Camana Bay.”

As Dart presses on with more development at Camana Bay and the new hotel on the site of the old Marriott Courtyard, speculation mounts about more hotel development on land the developer owns along Seven Mile Beach close to Royal Palms. However, despite a recent announcement from the premier that government had moved forward with the developer in talks over the now controversial For Cayman Investment Alliance, there has been no further word about the details of the deal, which included the closure of the West Bay Road and various crown land swaps with the developer’s own land.

Dart and the previous minority government had both walked away from the discussion table when talks failed as a result of the efforts of that short-lived administration to claw back a better deal for the public purse.

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Category: Finance, Financial Services, Local Business, Real Estate

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