Scottish Investor Leases Nanny Cay
A ten-year negotiation deal involving the government of the Virgin Islands and Scottish investors has finally been sealed, with the signing of the Nanny Cay Resort & Marina lease agreement Wednesday. The $2.4M deal was signed by His Excellency the Governor Mr. Frank Savage, who has the authority to sign Crown leases, with Chief Minister and Minister of Finance the Honourable Ralph T. O'Neal as witness. Signing on behalf of Nanny Cay was principal Mr. Cameron McColl and co-investor Mr. Neville Brown.
Minister of Education Hon. Andrew Fahie, Minister of Health Hon. Ethlyn Smith, legal representatives, Barclays Bank Manager Mr. Charles Crane and senior government officials attended the ceremony, which was held at the Chief Minister's conference room. Chief Minister O'Neal welcomed Mr. McColl to the territory, not only as an investor, but also as one who could help make the British Virgin Islands a much better place. "I am convinced that the site 'Nanny Cay' is quite an asset and when it is developed, I'm sure the rewards will be there." He promised government's every cooperation to make this venture a success. "From my discussions with you in talking about training the local labour force and other matters, I gather that you are interested in carrying out a proper development at Nanny Cay and this is most welcome that you can add a development that is attractive and can enhance the British Virgin Islands." The Chief Minister thanked the several Departments who worked to bring this deal to a closure, including the staff of the Attorney General's Chambers.
Mr. McColl said soon after he started visiting here, he learnt "that this beautiful location of Nanny Cay was not functioning as it should and it represented an opportunity to create an improvement". He emphasized that it has been a long road, but said he is glad the potential of Nanny Cay can now be realized. "We see it as a major responsibility upon us to be an active member of the community in the BVI and to bring whatever resources we can to assist with the quality of life of the people here and the quality of the environment here; we're very sensitive to that," the new investor stated. He said they would not be rushing into development, but would be sympathetic and sensitive to conservation and ecology issues and the fact that one of the greatest assets of the BVI is its natural environment and that must be preserved at all costs. According to Mr. McColl, for the first two years, he intends to focus on the property as it now exists. He noted that there are many businesses based there and many people working and living there as well. Minister of Natural Resources and Labour the Honourable Julian Fraser said he had mixed emotions about the entire deal. "We part with Nanny Cay with joy for what it brings to us socially and economically." He noted that this agreement should have been signed since last September but they have been faced with many disappointments. He said it was about two months ago when he thought: "why should we allow Nanny Cay to continue the way its going; for the last ten years it has been at best a nuisance to us here in the BVI at government, whereby we were unable to collect any kind of revenue from it."
Employees there have reportedly not received an increment for the last ten years. Government coffers were unable to collect any kind of rent and fees for the leasehold and the seabed. "So, you can see how much we welcome Mr. McColl for stepping in at this moment to take it over." The investors handed over cheques in the amount of $2.4M for the lease and $360,000 for stamp duties. The premium for the leasehold portion for the land is $2M and the premium for the seabed is $400,000. The lease runs 99 years.
Nanny Cay Resort & Marina spreads across 25 acres of property. It has been in receivership for the past ten years.