ROI could be as soon as three to four years

Durrant Pate/Contributor

First Rock Real Estate Investments Limited is going big in Cayman, making its single largest investment to date in that territory.

First Rock through its wholly owned subsidiary First Rock Capital Cayman has entered into an agreement to acquire a commercial property in George Town, Grand Cayman containing units leased to multiple tenants. While the cost price has not been disclosed, Our Today has been reliably informed that it will exceed US$4 million.

Cayman has been profitable for First Rock having made a handsome profit from its first investment of US$3.3 million in a luxury real estate development, where it acquired luxury residential units on the seven-mile beach in Grand Cayman in 2021. The Jamaican-listed real estate development company exited that investment last year, selling all its units for close to US$4 million.

The sale agreement has been signed but the transaction has not been closed. The property in question is 21,000 square foot mixed commercial use.

When contacted, First Rock Vice President, Shaun Myers advised “the property is fully tenanted with long-term leases with anticipated rental income of close to US$1 million annually”.

This amount represents rental and maintenance with Myers describing the investment as a good one with a short return on investment (ROI) period given the projected rental income plus maintenance.