any commercial and retail businesses on the island of Providenciales, such as shops, law firms, and real estate agencies, are located in small and mid-sized commercial plazas.
Due to the smaller populations, the other islands do not have quite the selection of properties that Providenciales has, yet small commercial plazas can be found in most settlements.
As may be expected, location greatly affects unit rental rates.
In central Providenciales, a 1,000-square-foot unit (93 m²) in a presentable complex can often be rented for around $1,000 per month. In prime areas such as Grace Bay, rates tend to be at least double that.
Which Location is Best?
Location plays a critical role in any commercial endeavor, and can make the difference between success and failure.
In the case of Providenciales, any business that relies on walk-in and foot tourism traffic needs to be seen by customers. Consequently, this means that it’ll likely have to front the “Grace Bay Strip” which is a 1-mile (1.6 km) stretch of Grace Bay Road and the home of most of the country’s luxury resorts.
Traditionally, professional services such as banks and lawyers were located in the Downtown region of Providenciales, as were most government offices. However, this has begun to change over the last decade, and the upper levels of the Grace Bay shopping plazas and the Graceway Plaza on Leeward Highway are now the favored sites. The expansions of two local banks reflect this, as both Scotia Bank and First Caribbean now have Grace Bay branches, and Royal Bank of Canada’s main location is adjacent to Graceway Plaza.
Some of the smaller tourism enclaves may be worth considering as well. In addition to the marina, the Turtle Cove area now supports quite a few accommodations, restaurants, and vacation villas.
Car parking is another consideration. Due to the limited landmass and property size, the commercial complexes in the Turks and Caicos often have poorly-designed and insufficient parking spaces. Many of the newer sites have improved on this, yet frustrating and dangerous layouts still are common.
Purchasing a Unit
Units and offices in many of the plazas are offered for sale at times, and depending on the business, it may make financial sense to buy instead of lease. In most cases, strata and maintenance fees apply. Keep in mind that stamp duty applies on real estate purchases, and may be as high as 10% of the property value (depending on the island and sale price).
Due to the premium value, purchasing vacant land in an area of high tourism foot traffic is out of reach for many small businesses, and construction tends to be costly as well.
Commercial Properties and Plazas
Ports of Call is a shopping plaza located in Grace Bay. There's a range of bars, restaurants, and shops located here, and the site has whimsical pirate-themed statues and decorations. Close by is One Season Plaza, and Caicos Café Plaza.
Neptune Plaza is found in Grace Bay on Providenciales. This small complex is located on Allegro Road, and within walking distance of many accommodations in Grace Bay. A restaurant, pharmacy, professional offices, and a small private medical practice are located here.
One Season is a small and elegant shopping and dining plaza located in the heart of Grace Bay. The plaza is home to the Terrace restaurant and several small boutiques and professional offices.
The Saltmills Plaza is a retail and professional enclave, located in the heart of Grace Bay on Providenciales. The plaza is home to many shops, a police station, a bank, law firms, and government offices. Adjacent to the Saltmills Plaza are the Regent Village and Le Vele Plaza.
Le Vele Plaza offers a modern and elegant shopping and dining setting in central Grace Bay on Providenciales. This two-story complex is home to luxury retail shops, restaurants, and professional offices.
Caribbean Place is a professional and commercial complex located on Leeward Highway in central Providenciales, and not far from the Downtown region. Built in the mid-1990s, this was one of the first retail complexes on the island, and is now home to the Financial Services Commission, lawyers, and businesses in varying professional services.
The Regent Village is an expansive upscale retail and commercial plaza in the heart of Grace Bay. The site is home to several restaurants, art galleries, shops, and professional offices. Nearby are the Saltmills Plaza and Le Vele Plaza.
Ocean Club West Plaza is a small shopping enclave located in central Grace Bay. Several retail and water sports business offices are found here. Nearby is One Season Plaza, Ports of Call Plaza, and Caicos Café Plaza.
Grace Bay Market is a small dining and shopping complex, located in the Grace Bay region on Providenciales. Onsite are the popular Turks Kebab and Pork Shack restaurants.
Graceway Plaza is a shopping and professional services complex, located on Leeward Highway in central Providenciales. The expansive Graceway IGA supermarket is the primary business on site, and the Turks and Caicos branch of RBC Bank is adjacent to the complex.
The Town Center Mall is located in Downtown Providenciales, and was the first major shopping complex on the island. The site is home to a range of offices, professional practices, and shops.