The land, which is located on two separate parcels, was purchased from Dwite and Paola Flax and the purchase price was determined on the basis of an appraisal conducted by Smiths Gore.
In a release issued late last year, the BVIPA said the purchase of the land is “to expand the Virgin Gorda port facility by separating the cargo and passenger ports.”
According to Premier Andrew Fahie, having both facilities in one location poses a significant danger to all users, especially users of the ferry boat services.
He said: “Having cargo and passengers use the same dock at the same time is a recipe for disaster.”
Previous attempts to undertake the matter yielded no results, the Premier added.
Fahie said the land is being purchased through an instalment plan but could not confirm whether the final payment had been made for the purchase of the property.
The leader of government business further said it is envisioned that the passenger ferry service will be relocated to the area of the land purchase located in the Valley, Virgin Gorda.
However, before this can be realised, he acknowledged that some amount of preparatory work will be required.
Meanwhile, the BVIPA also acquired a building in the heart of the capital city of Road Town.
The building, which is adjacent to the Olva Georges Plaza on Waterfront Drive, was acquired from DeCastro Enterprises Limited for $500,000.
Premier Fahie did not disclose the reason for the purchase of the building and said he was only told by the BVIPA of the property purchases after they had been made.