Wed | Sep 20, 2017

Former Alcoa Kingston HQ on the market

Published:Wednesday | January 27, 2016 | 1:00 AM

The former Waterloo Road, Kingston headquarters of Alcoa Minerals of Jamaica Inc is up for sale, but marketers of the property say a lease arrangement has not been ruled out.

The property has been on the market since last year. Alcoa Jamaica moved out of the building last fall.

"It hasn't been sold as yet," said Andrew Issa of Coldwell Banker Jamaica Realty, the company brokering the sale. "It looks like it's now going to be leased," Issa said, noting a shift in the discussions.

The 5,500-square foot building sits on half acre of land. Issa would not name the owners nor state the asking price but Titles Office records show it is held by Total Holdings Limited. Total Holdings purchased the Waterloo Road site in November 1989 for $2 million.

Alcoa is in the process of pulling out of Jamaica, having sold its 55 per cent stake in Jamalco to Noble Group for US$140 million. Under the deal with Noble, Alcoa continues to manage Jamalco for three years to the end of 2017.

The mining company vacated the Waterloo Road property in October. The property also housed Total Travel Services.

"It's a building that had been tenanted for a while so it's going to need some renovations," Issa said. If the property is leased, the parties are to agree on what the responsibilities would be the landlords and that of the tenant, Issa said.

tameka.gordon@gleanerjm.com