87% completed with all five floors of the 9-story complex under long term lease

Durrant Pate/Contributor

Sygnus Real Estate Finance (SRF) J$3.70 billion “One Belmont” commercial tower is already a success with all spaces sold out even though the construction is still incomplete but progressing on target for September this year.

The 9-storey commercial tower on Belmont Road, New Kingston is now 87.0% complete with agreements-to-lease at 100% for all the available floors. The share of gain on joint ventures, which captures SRF’s 70.0% ownership of the One Belmont development, amounted to J$3.13 million for the nine ended May 31, 2023, compared to a gain of J$161.7 thousand for the corresponding period last year.

For the current third quarter of 2023, it is showing a loss of J$170.5 thousand versus a gain of J$1.44 million for Q3 2022. The development effectively has 100% agreements-to-lease for all 5 floors with tenants spanning at least 10 years on a renewable basis. 

The other two floors are for parking spaces. The substructure is 100% completed with mechanical, electrical and plumbing works in progress, ceiling and floor finishes are currently underway and advanced. 

All 5 floors are effectively leased and potential tenants of the building have begun the process to select and execute their respective interior designs to meet their respective needs.

Next major SRF project in New Kingston

SRF has already set its sights on executing new investments to replace the ones that are being exited, including a luxury residential project via a joint venture partnership within the environs of Kingston’s “Golden Triangle”. The plans for the property located at Hillcrest Avenue in upper St. Andrew is for Commercial – Corporate Offices or Residential – Townhouses.

SRF continues to work with its partners to optimize the strategy to extract the best value from this 3.2-acre investment property located in Kingston’s “golden triangle”. The building on the property, which housed the former French Embassy, currently has a tenant with a short-term lease.