Steady growth and expansion at CEC as it adds BritCay House to Zone

Cayman Enterprise City (CEC) announced this week it has leased just over 12,000 square feet of vacant office space in BritCay House on Eastern Avenue, George Town in an expansion necessary to keep up with the growing demand from new clients for zone space. There are now 122 international companies signed up in the special economic zone and another 300 are in the sales pipeline, so CEC is managing its steady growth with temporary space while its new campus is being developed. Management expects to break ground on its new home later this year.

The space at BritCay House, the home of British Caymanian, recently became available when several tenants moved out. As with other buildings currently housing zone companies, BritCay House has been designated by the Cayman Islands Government as interim zone space.

“As property managers we are delighted to have CEC and their clients occupy spaces in BritCay House,” said Lemuel Hurlstone, Managing Director of Montpelier Properties (Cayman) Limited. “We are committed to providing first class office accommodation to tenants, this leasing arrangement is mutually beneficial and clients are keen to enjoy the convenient location and facilities offered.”

Renovations on the ground floor have started and Cindy O’Hara, CEC’s Chief Development Officer has created new floor plans and layouts to accommodate zone clients in fully-serviced private offices where they will share meeting rooms, kitchens and document management equipment. Zone clients in this building can also book the upstairs executive boardrooms and the Class A building has security 24 hours a day 7 days a week and plenty of private parking.

As with all remodeling work done for interim zone space, local sub-contractors and suppliers are being used on this project. World wide, special economic zones traditionally begin sales and marketing efforts to develop a sales pipeline of clients before construction of a permanent home, and CEC is following this model.

BritCay House is the fourth interim zone building leased by CEC as the zone has grown; the others are the Flagship Building on the waterfront in George Town, the HSBC Building and Breezy Castle on Airport Road. Zone space at the HSBC Building is now full necessitating expansion into new buildings. The Flagship Building, acquired only a few months ago, is accommodating clients who need a larger square footage and BritCay House is being used for smaller clients who will have fully serviced offices and suites.

“Our huge investment into international marketing and business development is paying off and we are seeing steady growth each month, we are pleased to utilize BritCay’s vacant space as part of our interim zone space whilst the main campus is being constructed. Local landlords and the community at large seem pleased that we are filling up existing office space that has sat empty for many months, including in central George Town.” commented Charlie Kirkconnell, CEO of CEC.

“Imtex International SEZC Ltd. is pleased to be the first tenant in BritCay House, the latest building to be designated as part of the CEC Special Economic Zone. The Imtex team is excited about growing our international business from this attractive and well equipped facility.” Glenn Towe, P.Eng., President and CEO, Imtex Membrane Corp.

About Cayman Enterprise City

Cayman Enterprise City is the Cayman Islands’ award-winning Special Economic Zone, focused on knowledge-based industries, technology companies and specialized services businesses. With a dedicated Government Authority and guaranteed fast-track processes, International companies can quickly and efficiently establish a genuine physical presence in Cayman. Businesses can take advantage of Cayman’s jurisdictional benefits which include zero corporate tax, zero income tax and zero capital gains tax, along with a raft of special zone concessions and incentives. These concessions were designed to attract international companies from five specific high-tech sectors; internet and technology, media and new-media ventures, biotechnology, commodities and derivatives, and academia.

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