With the expansion of commercial activity in Georgetown and its environs having increased at a rapid pace in recent years, the acceleration of construction activity notwithstanding, office and trading space and other forms of accommodation are now at a premium and high demand has resulted in soaring prices. More than that, the concentration of more commercial buildings in central Georgetown has irrevocably altered the appearance of the city and compelled investors to seek out new options as far as building space is concerned.
Not historically known as a favoured location for investment in commercial buildings, Kingston and the northern portion of the capital as a whole continues to fall under increasing investor scrutiny. The focus on real estate in the northern areas of Georgetown may well have come under greater scrutiny in the wake of the construction of the Marriott Hotel and the recent completion of the five-storey accommodation complex at the junction of Water and Barrack streets may well mark the start of an earnest shift away from the centre of the city as a favoured location for the erection of commercial buildings.
The new complex is owned by Guyanese businessman John Pyneandy, who also owns the Middle and Waterloo streets Hailto Hotel, formerly known as Cara Suites and featured in the Stabroek Business last Friday.
The five-storey concrete Kingston complex offers penthouse and studio accommodation and room for up to eight offices equipped with conveniences that include kitchenettes and modest hospitality areas.
The building is fitted with an elevator and with its independent emergency power supply. The complex’s ground floor houses a reception area and two executive office spaces.
The penthouse and studio apartments are located on the top floor of the complex along with an entertainment area that can be shared by guests occupying the penthouse and the studio apartments.
Indira Pyneandy, who along with her father, manage his assets, told Stabroek Business that the complex, which is now ready for rental either to smaller individual businesses or, as a single business location, is intended to help serve as a response to what is now widely felt to be an accelerated interest in investing in Guyana. Indira, who has lived and worked in Canada for several years, told Stabroek Business that it is not uncommon for some foreign investors to want to locate their business operations and living quarters in the same space. According to the businesswoman who currently manages the Halito Hotel, the penthouse is fitted with two bedrooms, living room space and a dining area.
The roof of the complex affords an attractive view of Georgetown and the Demerara River.
Investor John Pyneandy said that the area which the complex currently occupies previously housed a beer garden and variety store. That enterprise was closed five years ago and, thereafter, construction of the complex began.
No stranger to business, John Pyneandy previously owned and operated the General Electronics store in Georgetown.
