by Kathy Borsuk, Winter 2001/2002
The Pinnacle on Grace Bay
As Grace Bay’s “Gold Coast” continues to reap accolades as the world’s best beach, development continues to propagate along its sugar-soft white sands and shimmering turquoise seas. And each new development attempts to offer buyers more than the last.
One of the newest entries into the upscale condominium market is The Pinnacle on Grace Bay. As its name implies, the Pinnacle team, led by Cayman Overseas Group’s Fraser Wellon, is reaching for the highest point of development.
The Pinnacle on Grace Bay offers its owners a number of peak experiences–among the most important, an abundance of space on a priceless beachfront property. Wellon explains, “Although we have a 4.6 acre site just west of Ocean Club West, we are only building 28 beachfront suites, just 6 suites per acre. All suites will be nearly 2,800 square feet, with 3 bedrooms, 3 1/2 bathrooms, and a media room. The rest of the site will be dedicated to amenities and services for owners, who will enjoy the luxury of expansiveness both inside and outside their units.”
Charles Manuel, Manager of RE/MAX Turks & Caicos for the last eight years, is listing agent for The Pinnacle on Grace Bay. He agrees that owners will enjoy an unprecedented degree of space and privacy. “All suites are beachfront with huge terraces facing the ocean. The small number of residences allows us to offer some of the widest suites on Grace Bay, at about 36 feet. This allows owners to really stretch out as they enjoy their tremendous views.” He adds, “Part of the market has changed from clients looking for a small pied-a-terre for an occasional holiday to those looking for a world-class second or third residence with all the comforts of home. The Pinnacle on Grace Bay will take this market to the next level.”
Enhancing owner’s enjoyment of The Pinnacle is the fact that it is designed as a residence, not a condominium-resort, shifting the emphasis away from vacation rentals. As such, the deliberate absence of an on-site restaurant will discourage off-property guests. Suites will be built to the highest specifications and none will be priced below $1 million. “The Pinnacle is designed strictly for its owners,” Wellon says emphatically. “We’re not trying to be all things to all people. And because all suites are nothing but first-class, owners can be assured that their neighbors are like-minded.”
Once inside the gated entry, the driveway winds through a lushly landscaped oasis leading to private parking garages. Pinnacle owners can stroll by the freeform terraced pool, tennis courts, water features and spas, and tranquil shaded seating areas designed for total relaxation in their tropical country estate. Other amenities include guest rooms for nannies, valets or pilots; an elegant owner’s lounge complete with billiards, a large fitness center with treatment rooms, and on-site management.
Following a series of successful Grand Cayman luxury condominium developments including The Grandview, The Regal Beach Club and The Pinnacle (one of the highest valued residential properties in the Cayman Islands), Wellon is now focusing on Providenciales–often termed Cayman’s “Little Brother.” Excited about its potential and privileged to be playing a role in its development, he says, “Right now, there are over 50 condominium developments on Grand Cayman’s Seven Mile Beach, so the dozen or so built and proposed along Grace Bay’s seemingly endless beach give all developments a wonderful feeling of space and privacy. By building an upmarket property of quality, rather than quantity, I hope to do my part to put Providenciales at the pinnacle of Caribbean destinations.”
The astute developer’s discovery of Providenciales came when his partner in the Cayman Overseas Group was vacationing here and met RE/MAXÕs Charles Manuel, who extolled the island’s charm and potential. It was the beginning of a long and successful relationship, which included the construction and sales of The Grandview on Grace Bay, an upscale condominium development completing in February 2002.
Wellon says it took nearly two years after his purchase of The Grandview property to find just the right piece of land for The Pinnacle on Grace Bay. “We have very specific criteria both in terms of quality of the beach and location on the beach. The Pinnacle site is a fantastic property located right at the crossroads of Grace Bay. Pinnacle owners will have great restaurants, shops, and services within easy walking distance.”
Project architect is John Redmond, whose firm has a long and accomplished history in the Turks & Caicos, including The Grandview. Redmond is heartened that a developer of Wellon’s caliber is involved here and pleased that he is focusing on upmarket, low-density projects. He says, “This is a very significant move for the future of the Islands.”
Design-wise, The Pinnacle builds on the success of the same-named Cayman concept . . . with refinements, of course. Redmond explains, “Fraser knows the market and knows his product, so there is no need to reinvent the wheel. Instead, we’ve all put our heads and experience together to ensure that The Pinnacle responds to the needs of today’s luxury buyer.” Redmond extols The Pinnacle’s tremendous attention to detail and quality, along with the fact that both the building and suites are designed to minimize post completion maintenance.
While awaiting final Planning Department approval to commence building, RE/MAX Turks and Caicos Ltd. has launched its marketing campaign. Manuel reports strong interest from The Grandview on Grace Bay owners, as well as satisfied owners in Wellon’s Cayman projects. “Pinnacle on Grace Bay suites are about 30% larger than their Cayman counterparts and 20% wider than Grandview suites. This sense of space is unparalleled in the market.”
Pre-construction condominium investing is a lucrative phenomenon along Grace Bay Beach. Not only do the first investors get the best choice of units, but buying into a project at its earliest stages can also net the best appreciation on investment, especially since buyers are only required to pay a 15% deposit on contract signing. While a 5 to 20% average annual appreciation in value is not uncommon for the area, even higher values can be reached by the premium, first-choice units.
Given the enjoyment that The Pinnacle owners are sure to experience from their Grace Bay residences, earning strong appreciation at the same time seems almost decadent!
Time of The Islands Magazine Winter 2001 / 2002