Jamaica
News - Real Estate - Sales
Source: Jamaica Observer, November 2, 2005
JMMB
pays $40-m for building on Knutsford
Jamaica Money Market Brokers
has bought a building on Knutsford Boulevard in New Kingston,
saying that it wanted a permanent presence in the business
district to hedge against increase in real estate prices and
rental.
The
money market pioneer paid $40 million for the 10,000 square foot,
three story building from which McDonald's fast food restaurant
once operated.
"We
want to make sure we have permanence in New Kingston," Keith
Duncan, managing director of JMMB told the Business Observer in
confirming the purchase.
"Space
in New Kingston is increasingly short and we thought we should be
there," said Duncan. "In a matter of years it will be
paid back."
Currently
JMMB has its headquarters on Haughton Avenue on the outskirts of
New Kingston. While it owns the Haughton Avenue building it rents
offices at the former Island Life building on St Lucia Avenue for
part of its operation. That building is now owned by the Karl
Hendrickson family.
In fact, the 11,000 square feet of space costs JMMB $12.6 million
per year, which is at the high-end of the rental market in New
Kingston.
It
is not clear if JMMB will relocate its St Lucia operation to its
Knutsford Boulevard office once it is renovated.
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