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Home arrow Office Space

OFFICE SPACE & ACCOMODATIONS IN THE FREE TRADE & PROCESSING ZONE

SHORT TERM

The Free Trade and Processing Zone can provide from 10,000 sq. ft. to 30,000 sq. ft. of building space in shell form. The occupant can then design his / her own customized internal layout. These buildings can be located inside or outside of the physical boundary of the Free Trade and Processing Zone.

However, in accordance with the Free Trade and Processing Zone Act, any business licensed by the Free Trade Zone to operate outside the physical boundaries of the Zone is categorized as a Satellite Zone and as such is accorded the same rights and privileges as companies located within the physical boundaries of the Zone. The associated rental cost would range from US$1.50 to US$5.00 per sq. ft. per month.

FBOOT AGREEMENT

A licensed company can opt to enter into an FBOOT Agreement with the Free Trade and Processing Zone. FBOOT means Fund, Build, Own, Operate and Transfer. Under this type of agreement, a company can finance and erect a building on land leased from the Free Trade Zone. The lease agreement is relative to the proposed investment. Since land in the Free Trade Zone cannot be sold, it means that over the period of years of the FBOOT agreement, the company would be expected to fully monitor the property and to recoup its capital investment including explicit or implicit interest costs by discounting its stream of future cash flow. At the end of the FBOOT agreement, ownership of the property would be transferred to the Free Trade Zone, who will then become the lessor.

The investor will manage and operate the building in keeping with the basic regulations of the Free Trade and Processing Zone.

The provision of basic infrastructure to the boundary of the building site will be the responsibility of the Free Trade Zone (water, telecommunications and electricity). In all cases, occupants will be responsible for the payment of all utilities, garbage collection and grounds maintenance.

Example

For the purpose of developing a structure which would include showrooms, warehousing and offices, the Free Trade Zone proposes the construction of a 20,000 sq. ft. (1860 sq. m.) structure in a 2 - storey structure (10,000 sq. ft. / 930 sq. m. on each floor).

The structure would consist of reinforced concrete foundations and floor with a steel super structure. The walls would be constructed of reinforced masonry and the roof would be of galvanized sheeting on metal purlins. The ceiling of the showroom and office would be suspended and the floor finished with ceramic tiles. Basic plumbing and electrical installations are included.

The structure would have exterior dimensions of approximately 100 ft. x 100 ft. (30.5 m. x 30.5 m.). The interior would be modular with the basic module being 20 ft. x 100 ft. (6.1 m. x 30.5 m.) or 20 ft. x 50 ft. (6.1 m. x 15.25 m.).

A basic warehouse structure would cost approximately EC $150.00 per sq. ft.

The Free Trade Zone must approve the final architecture of the building and the building must be designed to the National Building Code of Antigua and Barbuda.

Parking facilities would cost approximately EC $34.00 per sq. ft. (US$ 8.50 per sq. m.).

The project could be constructed in six (6) to nine (9) months depending on the complexity of the layout.

OPEN STORAGE SPACE

The Free Trade Zone can also provide for open space rental for the storage of containers and / or other materials that can be exposed to the elements of weather. In all cases, occupants will be responsible for the payment of all utilities, garbage collection and grounds maintenance.

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