ISSA
NEW KINGSTON landmark, Spanish Court has been put on the market. The commercial property, located on St. Lucia Avenue across from John R. Wong Supermarket consists of 36 shops spread over 41,739 square feet.
Managing director of Coldwell Banker Jamaica, Andrew Issa, confirmed the information to Wednesday Business. Built in 1970, the property with 36 strata titles is being sold en bloc.
And while declining to state who the owners are, Mr. Issa did say, "It is owned by a company whose shareholders are looking to unlock equity."
SALE PRICE
In terms of price, Mr. Issa would only say, "Let us see what offers come in. The shareholders have not committed to a price."
That said, a chartered valuation surveyor explained to Wednesday Business that, "for a property that size, I would estimate the selling price at $6,000 per square foot. However, parking is very tight and a buyer might negotiate on that point. Still, I think the sale price in total would be over $100 million."
And this is the base price, because, as the valuator explained, "Normally one of the shops which carry a size of 480 square feet would sell for around $8,000 per square foot, so $100 million is a discounted price."
Essentially, the total price of 36 individual sales would be approximately $138 million or $3.8 million per shop.
- D.W.
