IMAGE Plus Consultants Limited has entered into a joint venture with Ripton Real Estate Limited to develop its long-awaited headquarters at 33 Lady Musgrave Road in St Andrew.

The newly planned, 20,000-square-foot medical facility will be part of a strata development, reflecting the investment contributions of both partners. The facility will house all of Image Plus’s existing diagnostic services while introducing its MRI services in Kingston for the first time — currently only available at its Ocho Rios branch. Additionally, the company plans to introduce an interventional radiology unit at the new location, positioning itself to offer more comprehensive patient care.

“The board and management are pleased about this progress and the future prospects that will emanate from our ability to offer expanded services at this location,” the company said in an update posted on the Jamaica Stock Exchange website regarding the development.

Image Plus has set a 2026 timeline for the relocation but several project details remain under discussion at the board level. CEO Kisha Anderson on Tuesday told the Jamaica Observer that while the company is excited about the venture, final figures on ownership structure, construction budget, and financing arrangements will only be shared after further deliberations.

Previously, Anderson revealed that the new headquarters would be a four-storey structure, with at least half of the space earmarked for rental. However, the company has not confirmed whether this plan remains intact. Design considerations — including whether to incorporate an underground level for parking or to elevate the structure on columns — are also unconfirmed.

The decision to pursue a joint venture represents a shift in Image Plus’s real estate approach, leveraging strategic partnerships rather than undertaking sole ownership of the property. The collaboration with Ripton Real Estate ensures that the company can focus on expanding its health-care services while benefiting from shared development costs and management responsibilities.

The expansion comes amid financial headwinds for the company.

Image Plus reported a 5.9 per cent decline in revenue for the third quarter, amounting to $296.8 million, while year-to-date revenues fell 3.9 per cent to $835.6 million. The company’s scan volumes also declined by 9 per cent due to equipment downtime earlier in the financial year which affected CT studies across multiple locations. Despite this, the company managed to improve its gross profit margin to 66.8 per cent for the quarter, up from 64.5 per cent in the prior year period, aided by a reduction in direct costs.

However, the company faced rising operational expenses, with administrative costs increasing by 13.1 per cent due to higher staff and utility expenses. Depreciation and amortisation costs surged by 73 per cent, reflecting the company’s investment in imaging equipment and leased assets. As a result net profit for the third quarter stood at $26.2 million, a sharp decline from $61.4 million in the prior year. Year-to-date net profit fell even further, down 75 per cent to $41.6 million.

Image Plus, which operates under the Apex Radiology brand, has been expanding steadily across Jamaica with locations in Kingston and Ocho Rios. While the company has acknowledged opportunities in Mandeville and Montego Bay, it has taken a measured approach to growth, prioritising its Lady Musgrave Road headquarters before committing to further expansion.

The company continues to scout acquisition opportunities.