of Trade has agreed to pay property developer Issa Nicholas
about $7 million a year to rent six floors of the Nicholas
Tower in downtown Port-of-Spain, informed sources said this
One week ago, the Ministry of Trade began moving from its
offices at the State-owned Riverside Plaza in East Port-of-Spain
to the more centrally-located Nicholas Tower. The move is
expected to be completed next week.
Each of the six floors is estimated to have 6,500 square
feet of lettable area; 39,000 square feet in all. Nicholas
property development company is charging the Ministry of
Trade about $15 a square foot; a rental fee of $12 a square
foot and a service charge of about $3.
That means that the Ministry of Trade will pay the property
development company owned by Nicholas an estimated $585,000
a month or an annual fee of just over $7 million a year.
The Ministry of Trade joins the Union Club, the T&T
Stock Exchange, a Clico agency and Flow at the Nicholas
Tower. Also in the building are offices of Caribbean Airlines,
Delta and Continental Airlines.
Sources said this week that it was unusual for a government
department to move out of a state-owned building to a privately-owned
The Government has embarked on an ambitious programme of
construction of buildings in Port-of-Spains central