Quality Dealers to sell and leaseback HQ
UPDATE: The original version of this article incorrectly identified Century 21 Jamaica as being tapped to structure the sale. This is incorrect. The property was listed exclusively with Tony Walker Realty Limited who placed it on the MLS listing by which other realtors including Century 21 has authority to sell.
The Quality Dealers group, which specialises in manufacturing roofs, plans to sell and lease back its Red Hills Road complex. The company aims to raise US$2.5 million ($305 million) from the transaction in order to finance a deeper push into exports.
The property has been listed with Tony Walker Realty Limited.
"We are planning a leaseback in order to continue operating from the location," said founder Anthony Walker on Wednesday.
"We are really planning to expand the manufacturing operation. We plan to get more machinery in order to manufacture metal tiles for export."
Quality Dealers already does a little exporting, but now it wants to go after bigger markets in the Caribbean and South America, said Walker.
He said the company operates a 30,000-square-foot facility at Red Hills Road and that the new machinery would span 5,000 square feet.
Quality Dealers' head office remains one of the most modern commercial properties on the road, according to Century 21. The total covered area is around 20,000 square feet, of which 9,300 square feet represents a very "modern, open-concept, contemporary showroom" with high ceilings. Warehouse space spans 10,600 square feet.
Quality Dealers Limited started in the early 1970s and later set up QD Roofing Limited some 24 years ago to manufacture roof tiling. It focused on selling decramastic metal tile imported from New Zealand and, in later years, purchased a factory based in Barbados.
The group of companies has six branches throughout Jamaica employing over 200 people.