Appleby instrumental in new legal structure for real estate projects
Appleby Cayman has played a key role in obtaining planning approval for the first ever volumetric subdivision in the Cayman Islands, an innovative structure allowing persons to deal in airspace.
Amendments to the Registered Land Law passed in 2017 enable a landowner to subdivide a traditional land parcel into a series of three dimensional volumetric parcels, but the real estate sector has been slow to take advantage of this new tool.
Davenport Development Ltd. has become the first developer to obtain planning approval for a volumetric subdivision – in connection with its ‘Arvia’ project, a luxury 96 home development in Grand Harbour – which will allow it to offer significant stamp duty savings to purchasers.
Counsel Adam Johnson commented, “This is a great example of the Cayman Islands Government taking a proactive approach to meet the evolving needs of the jurisdiction. Davenport has a reputation for being innovators in the sector, and so we are proud to have worked with their team to deliver a ground breaking solution for their latest project.”
The property team at Appleby is acknowledged as the leader in commercial property work in the Cayman Islands. They have been involved in the most significant transactions in Cayman and have been recognised as leaders in Corporate Real Estate by PLC Which Lawyer. The team also received top-tier 2019 rankings in Chambers Global and Legal 500.
