Three years after the multi-million dollar City Mall was opened at the corner of Camp and Regent Streets it is about to change owners, according to reliable sources.
Stabroek understands that the mall, which was opened in December 2006, has been sold by businessman Lennox John to another city businessman.
Sources at the business confirmed to Stabroek News that the mall is being sold but said they wanted the sale to be kept under wraps as negotiations are still ongoing. A senior source at the business said that some money has been paid down and that the sale may wrap up by the end of next month.
According to reports, the mall, one in the first of its kind of Guyana and the first and only to install escalators, is being sold for US$5M. The mall, which is said to house about 61 businesses, has become a hang out spot for young people.
This is the second popular business owned by John that he wants to sell. The popular Splashmins Fun Park was also up for sale. John had refused to speak to Stabroek News on the proposed sale and it is not clear if the park has changed ownership.