KPREIT adding office space at new Dumfries property
Kingston Properties Limited, or KPREIT, has completed the acquisition of a property on 7 Dumfries Road in New Kingston, the price of which was not disclosed.
The half-acre property houses music and sound equipment suppliers Audiophon and is a short distance from KPREIT’s last New Kingston purchase, the Caldon Building. The new owners plan to expand the rentable space at the site.
“We’re looking to develop it and we have several options before us,” said Kingston Properties CEO Kevin Richards, while noting the company has cash resources of US$4 million to help support the project. “What I will say is that it will definitely be some kind of multi-storey commercial development that will complement what we have at the old Caldon building.”
Audiophon continues to operate from that location on a sale and leaseback arrangement, he said.
Kingston Properties is pressing ahead with its commercial real estate investments, undeterred by the virtual office and work-from-home arrangements that have expanded under the pandemic.
Noting that the dynamics are different in Jamaica from big metropolitan areas, Richards says that while it may be a little easier for people to work from home, issues such as IT infrastructure, connectivity and sometimes security will continue to drive demand for office space.
“We are planning for recovery,” he said. “If we are saying that two years from this, we will be in the same position … I don’t think so. What I say is that to the extent that COVID will still be with us in some shape or form, it will be more manageable,” Richards argued.