Jamintel building up for sale, again
Published:Wednesday | June 15, 2022 | 12:08 AM
The Jamintel building, a dilapidated seven-storey structure at the corner of Duke and North streets in Kingston that has been idle for nearly two decades, has again been placed on the market for sale by the Transport Authority of Jamaica.
Bidding on the property, which was once used as a hub for telecommunications under state-owned agency Jamaica International Telecommunications Limited, opened on June 10 and closes on July 14.
In the meantime, the Transport Authority, in the public notice for proposals on the purchase of the building, said a site visit may be arranged for June 24, and that prospective investors should confirm their interest in viewing the property no later than June 22.
The sale of the building, which has changed ownership within state-run agencies three times since its closure in 2004, comes five years after members of Parliament’s Public Administration and Appropriations Committee last called for the immediate divestment of the building.
In 2014, the Transport Authority, which regulates public passenger transport, bought the property from the Urban Development Corporation, UDC, for $150 million, aiming to relocate its administrative operations from Maxfield Avenue to downtown Kingston.
But the building, which spans more than 60,000 square feet, has never been used by the authority, nor was it used by its previous owners, the National Housing Trust, NHT, and the UDC.
The NHT had planned to exchange the building for a property at Hope Road that is controlled by the Jamaica Constabulary Force and used as the headquarters for the Commissioner of Police. When that deal fell through, the UDC acquired the building in 2008 and sold it to the Transport Authority nearly a decade later.
It’s estimated to have cost the Transport Authority $4.7 million annually to provide security services for the property, in addition to electricity cost of $14,000 per annum.
A valuation done on the building by the National Land Agency in September 2021, showed the property had more than doubled in price to $370 million since its acquisition by the Transport Authority in 2017.
In addition to the required contact details, profile on organisation or individual, an offer and evidence of financial capability, the Transport Authority requires a bid guarantee totalling $4 million to be submitted by along with the request for proposal.
The bids will be opened at 1:15 p.m. on July 14, at which bidders are allowed to be present, the Transport Authority said.