CONSUMER CONCERNS: ALBOUYSTOWN OFFERS THE BEST PROPERTY INVESTMENT IN GEORGETOWN

Oct 06, 2024 Consumer Concerns, News

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Albouystown offers the best property investment in Georgetown and it is due to a number of factors of which the less discerning are unaware (CONSUMER CONCERNS)

By PAT DIAL

Kaieteur News – This column has already written about Albouystown but the milieu is moving so fast in that ward that it requires another offering to keep abreast with what is happening now.   Within the last year, a select number of investors have quietly begun to acquire properties in Albouystown.

This choice of investment is due to a number of factors of which the less discerning are unaware.   In the first instance the prices of Alboutstown properties, so far, are cheaper than in other parts of the city and in the second instance the State has remade the road and drainage systems in the ward, investing several billion dollars in this development.  When property owners realise that these billions are to be added to the value of their properties, prices will certainly increase.  But probably the greatest increase in property value which has so far not been reflected in property prices is the geographic situation of Albouystown.

Albouystown is situated within walking distance of the markets and the business areas of the city and the main Law Courts as well as the main health and educational facilities.  It offers the quickest route to the Cheddi Jagan International Airport and to the burgeoning business corridor along the East Bank Demerara including the on-shore Oil developments on East Bank and also it is within easy reach of the West Coast on-shore Oil developments. Much of the massive workforce of the East Bank would prefer to live in Albouystown from where they could easily and cheaply commute to their workplaces, once they could find comfortable and safe homes in Albouystown.  This potential rental market offers a lucrative investment opportunity to the investor.

Let us examine a hypothetical investment:  A half lot usually measures 66 feet by 100 feet (sometimes 130 feet) and is sold from $15. to $18. millions.  This half lot could accommodate two three or four storey blocks of flats with parking space for several vehicles and a watch house in front and some land to plant a few trees.  These flats would be in a gated community.  The inhabitants would comfortably drive into Independence Boulevard to get into the city or on the East Bank and would no longer have to navigate through the narrow and crowded Sussex Street.

The State should assume a leadership role in this renewal project of Albouystown since it has already initiated involvement by rebuilding the roads and drains of the ward.  The State should declare Albouystown as a “Zone of Development”and among the activities which could be done in achieving this intention is by according income tax holiday for 10 years to investors/developers and contributing some building materials to projects as is being done for house lot allottees.  If the State is so involved, the transformation of the ward would begin and the appellation of “Slum Area” given to Albouystown would disappear in six to eight years and an event of historic importance would have been achieved

In this renewal of Albouystown , the M&CC must play an essential complementary role – It will not increase taxes on properties which have been given an income tax rebate;  it would ensure that all buildings in every yard did not infringe the City’s by-laws and building codes;  properties which have not paid taxes for many years or have been abandoned should be  put on Execution Sale;  and houses which require demolition should be methodically demolished.

Albouystown is not endemically a slum area and this means it could be restored to its former status of being a normal ward of the city.  In 1905 when the suburban village of Albouystown was absorbed into the city, it was regarded as an enhancement.  Every yard had one house, often with a tenant living below.  There were a variety of fruit trees in every yard where birds frequented or even nested.  Crime was unknown and the population were self-employed tradesmen with a number working as stevedores on incoming ships.  The ward was clean and garbage was easily disposed of since the rubbish incinerator was in the nearby Le Repentir grounds.   Very few property owners ever owed taxes to M&CC. The decline of Albouystown into a slum occurred in the 1960’s as a result of the racio-political riots of those years.

There are still bargains which could be had though some owners are beginning to hold on to their properties, knowing that there would be an eventual price rise and this is particularly true in Independence Blvd. It would be a very salutary experience for residents from other parts of the City and prospective investors/developers to visit Albouystown.

(CONSUMER CONCERNS: ALBOUYSTOWN OFFERS THE BEST PROPERTY INVESTMENT IN GEORGETOWN)

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• Albouystown, Developmen, investors, M&CC, properties, prospective

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