A controversial 12-storey condominium in development on Paradise Island has been placed into receivership by CIBC FirstCaribbean International Bank (Bahamas), having sold only a quarter of the available units.
Simon Townend, a Bahamas-based KPMG partner and head of its corporate finance arm for the Caribbean, confirmed that he and his colleague, Nicholas Brearton, had been appointed as receivers/managers for the multi-million dollar, 79-unit Ocean Place on the Harbour development.
They have also taken over an-almost 15 acre tract near Skyline Lakes on western New Providence, which was earmarked for development as a retail complex and residential properties.
Both Ocean Place and the Skyline Lakes property are owned by Peace Holdings, which is controlled by Al Ballard. Only specific assets have been placed into the hands of the KPMG receivers, not Peace Holdings itself.
In response to inquiries by Tribune Business, Mr Townend said: “I can confirm we were appointed receivers and managers over certain assets on November 20, assets related to property.
“Right now, we’re making our initial findings and can’t talk much further until we’ve had a chance to assess the situation.”
Confirming that the assets included both Ocean Place, especially the 59 condominiums still unsold, and the western New Providence land, Mr Townend said KPMG were receivers and managers for the former, and just receivers for the latter.
“There’s 79 units all told,” he told Tribune Business. “Twenty have been sold and completed.
