Project: To sell approximately 51.6 acres of highlands and 265.91 acres of marshland, commonly known as the Port of Port Royal.
Project Description: Pursuant to Proviso 93.32 of the 2016-2017 South Carolina General Appropriations Act and Section 54-3-700 of the South Carolina Code of Laws, the South Carolina Department of Administration (Admin) will sell the Port of Port Royal property through a public auction process.
Admin was required to obtain a new appraisal for the property. That appraisal has been received and may be viewed at http://www.admin.sc.gov/generalservices/surplus-real-property.
As of Jan. 1, 2017, the property is listed for sale at public auction. The auction will be open for 90 days. Initial qualifying offers must be submitted by midnight on March 16, 2017. Best and final qualifying offers from those submitting initial qualifying offers will then be due no later than midnight on March 31, 2017. For complete bidding instructions, please visit the CBRE website linked below. The property must be sold at a price that is equal to or greater than 80 percent of the appraised value.
This waterfront property is in a relatively undeveloped part of coastal South Carolina. The property has an approved pre-development plan and is currently permitted for a 250 slip marina. The property must be sold at a price that is equal to, or greater than, eighty percent of the appraised value. Prospective purchasers will have an opportunity to acquire the property through an auction which will run for a period of ninety (90) days. Award will be made to the highest bidder and will include a ninety (90) day due diligence period. For additional information on the property, please visit the CBRE Sale of the Port of Port Royal website at www.cbre.com/PortRoyal.
© CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.