WIHCON scores with Lady Musgrave commercial venture
BY JULIAN RICHARDSON Assistant Business Co-ordinator firstname.lastname@example.org
WEST Indies Home Contractors Limited (WIHCON) has reported a successful take-up of its near-completed high-end commercial development on Lady Musgrave Road in St Andrew, with all but three of the 21 units on offer already subscribed for.
WIHCON began construction of Musgrave Professional Suites, its first stand-alone commercial complex, in March 2013. According to WIHCON director Judith Bruce, the project will be completed before the scheduled 12 months and businesses could occupy their units as soon as a matter of weeks.
"We were expecting to be completed in March but we escalated the construction. We either had practical completion at the end of January or we are just awaiting certification of the practical completion," she told the Business Observer.
The units have mostly been purchased by doctors and lawyers, possibly attracted to the complex's location around New Kingston while not having to deal with the inconveniences that come with being situated in the heart of the commercial district, according to Bruce.
"The location is pivotal to its success because New Kingston has become so congested and difficult to find parking and so on," Bruce reasoned. "I think the appeal that we are adjacent to New Kingston but not necessarily in there is what has attracted people, plus the building is very attractive, you can't miss it."
Musgrave Professional Suites consists of units ranging in size from 594 square feet to 2,610 square feet. Prices range from $14.8 million for a 594 square-foot office on the ground floor to $78.3 million for a 2,610 square-foot two-storey unit, according to a brochure with details of the development.
The complex has 89 parking spaces, including basement parking. Additional amenities include water storage and stand-by power.
WIHCON is reportedly projecting revenue of at least $400 million from the development.
Arguably more popularly known for its housing solutions, the development company has also been behind several commercial projects in the past, among them the Harbour View and Duhaney Park shopping centres. However, the Musgrave Professional Suites is the company's first stand-alone commercial complex, Bruce said.
"We have done (commercial developments) as an adjunct to our housing development, I admit, and this is probably the only development we have done as a commercial complex on its own," said the WIHCON director.
She said that there are no immediate commercial development plans for WIHCON but noted that the company is looking out for opportunities in that area.