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Jamaica Social Investment Fund relocates to save on rental costs

Published:Friday | January 16, 2015 | 12:00 AM
File The Dorchester building in New Kingston.

The Jamaica Social Investment Fund (JSIF) says its new location at the Dorchester building on Oxford Road will lead to savings on electricity as well as rental costs.

JSIF relocated to the new offices towards the end of December last year.

The new space, though smaller than the 18,000 square feet the agency occupied at its previous Pawsey Road office, also now provides "adequate parking for our employees and customers, which was not present in New Kingston," JSIF said in an emailed response to the Financial Gleaner.

The 14,000-square-foot ground floor unit at the Dorchester comes at a three-year lease with the option to renew at an annual rental of $15 million for the first year, $16.6 million for the second and $17.9 million for the third year, JSIF said.

The space is owned by Bevad Limited, whose ownership, in turn, resides in the estate of Raymond Adams and Jenna Investments Company Limited, registered in The Bahamas. Bevad's directors are architect Jennifer Saunders of Nassau; physical trainer Joanne Adams of Kingston and businesswoman Tracey Graham, also of Kingston.

Faced with monthly rental quoted in US dollars, JSIF said it relocated in order to manage its rental bill.

"The previous rental was in USD which, therefore, increased with each depreciation of the Jamaican dollar. The equivalent rental at the time of relocating was J$31 million per year," JSIF said.

"We also anticipate reduction in electricity costs because the air-condition installation at the new location is more modern and energy-efficient," said the agency, whose primary job is the management of poverty-alleviation projects.