Thu | Dec 8, 2016

BGLC Still Repairing Its New Home

Published:Sunday | December 28, 2014 | 12:00 AMTameka Gordon
Colin Hamilton/Freelance photgrapher BUBBLING ANGELINE (Winston Griffiths) cruising to an eight lengths victory in yesterday's 23rd Thornbird Stakes at Caymanas Park.

The Betting Gaming and Lotteries Commission (BGLC) says renovation of its new headquarters on Hagley Park Road in St Andrew, where it took up residence in late November is still ongoing.

The BGLC had initially projected to spend $50 million on the repairs of the Hagley Park Road offices but later revised the projections to $249 million.

"Renovations are incomplete," the BGLC said in an emailed response to Sunday Business queries.

The BGLC acquired the property about four years ago.

The 61,000-square-foot property, which houses a 37,000-square-foot building, was acquired for $240 million. It was financed by a cash payment of $100 million and a J$140 million seven-year mortgage at 16 per cent annual interest.

The agency is expected to cash in on the sale of its previous Ruthven Road, St Andrew, home through sealed bids.

"We are well advanced in discussions with a prospective bidder for sale of 17 Ruthven Road," the BGLC said, but declined to name the purchaser.

"We are not at liberty to identify the purchaser until after the sale is completed," the BGLC said.

The BGLC said it will also be seeking to sell its offices at Winchester Road, St Andrew.

Both the BGLC and the Jamaica Racing Commission have opened shop at the new site, with the merger of the two state agencies, which began in June.

tameka.gordon@gleanerjm.com