By Cliodhna McGowan, email@example.com
Thursday 7th June, 2007 Posted: 14:39 CIT (19:39 GMT)
There is about $900,000 worth of equity in the new Cayman Airways’ headquarters building, the old Sammy’s Airport Inn, which should be ready for airline staff the end of this month.
Minister for Tourism Charles Clifford told Finance Committee members this in answer to questions from Leader of the Opposition McKeeva Bush on the national flag carrier’s new headquarters.
The completion date for fit out is later this month, after which staff take up occupancy of the building.
Mr. Clifford said that Sammy’s Airport Inn had been purchased for US$2.85 million, the fit–out of the building (including furniture) had cost US$3 million and the finished valuation of the property is estimated at US$6.76 million, giving equity of about US$900,000.
In a breakdown of the fit–out costs, Mr. Clifford said the cost of renovation was US$2.3 million, furniture was US$400,000 and the cost of developing the car park is US$300,000.
In reference to the fact that the building was gutted at the start of the project, Mr. Bush argued that the US$2.3 million figure could hardly be termed renovation, when it was more a case of reconstruction. “When there’s only a foundation and a roof, to me that’s reconstruction, not renovation”.
Mr. Clifford said parking would be at the Cayman Islands Airport Authority’s property, adjacent to the new headquarters. He did not know if this property was secured by way of a lease agreement or a property swap for the old Cayman Airways’ headquarters.
Mr. Clifford said there would be more parking per square foot at the new headquarters than at most buildings in George Town.
The new headquarters will bring employees of Cayman Airways under one roof following damage to Cayman Airways offices in Hurricane Ivan in 2004.