Jamaica
News - Real Estate - Sales
Source: Jamaica Gleaner, Susan Gordon, March 21, 2007
BNS buys
residential Olivier Road property - American school negotiating
49-year lease with Jamaica College
Bank of Nova Scotia
Jamaica Limited (BNS) has purchased the 12 acre Olivier Road
property, former home of the American International School in
Kingston from the Issa family-owned St. Andrew Hotels.
The parties, however, would not
reveal the purchase price, but at the time the property went on
the market, the Issas were asking for US$1 million per acre for a
total of US$12 million, or just over J$800 million.
The property was known to be on the
market last September.
"It is not an issue that we
can comment on at this time," said BNS public relations
specialist Simone Hull, referring both to the purchase price, as
well as the bank's plans for the property.
Planning regulator, the National
Environment and Planning Agency, has the site zoned for
residential developments.
Its the second piece of property
acquired by the commercial bank, Jamaica's largest, in that
section of the capital. Last year, BNS confirmed purchase of
property at 132 Constant Spring Road for US$1.56 million which
converts to just over J$100 million saying it would be used to
develop a new branch that would also double as offices for its
expanded Wealth Management Unit.
AISK relocates
The American International
School of Kingston which had a lease on the property and was given
until June 2008 to vacate the premises, has already relocated.
A message from the school's
chairman on AISK's new website, said the school had reached
agreement with the board of Jamaica College for a 49-year lease of
an 8-acre site.
"We are currently drafting
the lease and expect to sign a contract over the course of the
next few weeks. In parallel, we have been working with a
U.S.-based lending agency to raise the requisite funding for
construction of our state-of-the-art school," said the March
8 posting. The site is sandwiched between residential
developments.
"We are very excited about
securing this location, given its proximity to our parent
population and the U.S. Embassy."
The embassy is now sited at
Liguanea, walking distance from Jamaica College .
The designs and application for
plan approvals for the new school are pending, but AISK hopes to
have the facility open by January 2009.
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