Monday, 16 October 2017

Property Investment Pitt falls in St Lucia Estuary

Houses For Sale

St Lucia Estuary

This article is based on facts 
St Lucia Estuary has a long standing town planning scheme that is in line with the National Building Regulation and other town planning schemes. This scheme might be old, but I am not sure it is outdated. St Lucia did not have any "new land released" since 2000. St Lucia as a town has limited Electricity, Water supply, Sewerage Disposal and Waste Disposal. This cannot change and will effect any New Town planning Scheme. So by way of intellectual deduction it will have to have a town planning scheme in line with this restrictions in mind.

Light Commercial
General Residential 1
General Residential 2
Special Residential 1
Special Residential 2

With out an updated zoning map, which is currently in process of being updated these zones are quite easy to thumb suck.

GR 1 is properties larger than 4400 sq before sub dividing. 
GR 2 is properties larger than 2000 sq before sub dividing.

Normally their zoning did not change after sub dividing, but additional restrictions has been placed on properties bigger and smaller than 4400 sq. Only properties larger than 4400 sqm in GR1/GR2 has the right to apply for Hotel Rights under special consent. Special Consent is exactly what it states. 

An Property owner will put in writing reasons why they want to invoke special consent on a certain property. The Municipality will then grant or deny that consent to the applicant. Special Consent is only binding to the applicant and not transferable with out the Municipality's blessing. Thus for every Transfer must have in writing that the property is bought and the buyer is aware of Special Consent and whether it has been been granted or not.

This Extends to Guest Houses on Special Residential 1 & 2 Zoning.

These are generally properties smaller than 1200 sq, but again it must be confirmed from the Zoning Map. Guest Houses on these properties fall under the Special Consent Criteria.

  1. Not more than 4 Rooms available to Guests
  2. Owner Must Reside on the premises
  3. Special Consent must been given by the Municipality in writing.
Thus said we now look at the marketing of said Guest Houses on Property 24 If you are an Estate Agent, Lawyer (transferring or advisory) or a buyer you must insure that you are familiar with these Consents and Zoning. I have recently reapplied for my Estate Agency Fidelity Fund Certificate and have been viewing the properties available on line For Sale. I see a lot of pitfalls that has evolved over the past 9 years in the St Lucia Estuary Property Market. 


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