Minister Vanterpool Answers Question About Overdue Rents

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Based on figures presented to the House of Assembly on 22 September by Minister for Communications and Works, Hon. Mark Vanterpool, it is estimated that some $92,246.14 in rent is owed to Tortola Pier Park.
Hon. Vanterpool in response to a question from Leader of the Opposition, Hon. Julian Fraser said that currently there are 67 leased spaces at Tortola Pier Park (TPP). He also disclosed that the billed amount for rent was $1,031,490.57, but TPP only collected $939,244.43 in rent up to 15 September.
An earlier update on the rental situation at TPP was provided by Hon. Vanterpool to the House of Assembly during a Questions and Answer segment back in April this year. At that time Hon. Vanterpool said that there were 70 leasable commercial spaces at Tortola Pier Park, of which 52 leases were signed, 38 businesses in operation, and 14 spaces were in what was referred to as fit-out/rent free period and was expected to be in operation by the end of July.
During that sitting the Minister disclosed that ten spaces were under negotiations, pending signing of a lease. Six spaces, he noted were available for interested persons to rent on the upper levels. The Minister also disclosed that Pier Park Management were in the process of considering applications for the last two kiosks.
Hon. Vanterpool also noted that the payment of rent at the Tortola Pier Park was not all up to date and that TPP was pursuing defaulters. “I would have to say generally speaking, yes. There may be one or two cases maybe behind and the Tortola Pier Park company is actively pursuing anyone who may be behind. But there are no serious cases of rent infractions at this time, as far as I am aware,” he said.
Earlier in the year it was mentioned that TPP had projected annual revenue of approximately two million dollars. The announcement was made on 16 February during the official opening ceremony of the TPP by Minister Vanterpool.

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