Jun 20, 2014 News
The former headquarters of the New Building Society (NBS) has been transferred
to the Government following a sale last year.
The property is reportedly earmarked to house the Land Registry, currently located across the road in the Supreme Court buildings, on the Avenue of the Republic.
The NBS building was reportedly sold for over $100M, according to Cabinet Secretary, Dr. Roger Luncheon.
NBS, the country’s leading mortgage financing entity, had moved further north on Avenue of the Republic to its spanking new offices on North Road. That piece of land was bought for $141M.
The old headquarters had been advertised before the decision by Government to buy it.
NBS had decided to vacate the old building, citing space problems in face of a growing demand for mortgage financing.
The Land Registry has been sharing space with the Deeds Registry at the court building for years now but an October 2012 audit had found space and other constraints, hence the need to move. The audit found the Land Registry to be under-resourced and there was weakness in its functioning, particularly in process management, which has a great deal to do with transactions.
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