The young Island resort is expected to receive a boost from new investors showing great interest in expanding facilities on the 13-acre island.
Young Island is separated from mainland St Vincent by a channel approximately 180 metres wide. It is accessible by a small ferry that travels to and from the Villa dock on the mainland at varying times throughout the day.
Ralph Gonsalves, the Prime Minister, says investors are seeking to buy out the remainder of Young Island’s lease.
“It’ll be 41 years or so on the Young Island lease and they want to invest more money. They’re looking at a total investment of 22.5 million dollars for what they have there and what they wish to develop”.
“In light of the investments they plan to make, they naturally want to extend the lease. This was the subject of the initial discussions.”.
Further discussions will take place soon, said Gonsalves. Investors, however, have advanced a proposal.
“They’re naturally talking to the current owners of the lease and it’s a tourism project that’s in the early stages, but it appears that the investors are serious”.
The prospective buyers already have investments in St Vincent, an entity that is affiliated with one of the cannabis companies in the region, said Gonsalves.
Young Island, which got its name from a former British Governor of St. Vincent William Young, currently offers Superior Cottages, Deluxe Suites, Luxury Suites and Duvernette Suite.
