Sources say in another major development in the real estate market, Barita Investment, which is owned by the Paul Simpson-led Cornerstone Group, has bought a 100-acre property in St Ann from Karl Hendrickson’s National Continental Corporation.
Simpson would have only just acquired “The Ruins” in Ocho Rios, where the Dunns River flows through the property, and the old ice factory on the Kingston Harbour front as the re-gentrification of Downtown Kingston takes off. This is in quick succession to the Eden Garden on Musgrave Road, where a landmark 30-story building is said to be developed.
Simpson had negotiated earlier in 2020, 250+ acres of beach lands dubbed Reggae Beach land in Prospect, St Mary, formally owned by billionaire Michael Lee-Chin, which is located along the corridor designated as the Riviera, in accordance with the long-term development plans for the North Eastern section of the country. The international commercial prospects for the area have been touted by the Prime Minister and Ministry of Tourism, which has been significantly bolstered by the recent opening of the Ian Fleming International Airport.
This massive acquisition comes on the heels of the purchase by Cornerstone of a 1,600+ acres estate, dubbed on the border of St Mary and Portland, just 30 minutes away from the Ian Fleming International development slated to start in 2024. Building with the aforementioned property developments will be led by Cornerstone USA, headed by expert Gavin Jordan.
The massive property in St Ann, formally owned by Karl Hendrickson, is seen as the changing of the guard to the new young land barons of Jamaica who are investing foreign capital into the country. The use is said to be uber high-end villas, resort homes, and lux residential, energy, and infrastructure.
According to sources, a massive property was also purchased in Mandeville, at the intersection by the stoplight, which will commence buildout when the South Coast Highway to Mandeville is finished.
What is clear is that funds that Simpson would have raised internally in Cornerstone from his 10 shareholders, as well as the multiple APOs Barita had raised (led by CIO Jason chambers in 2020 and 2021) from the funds in the public market on the exchange, allowed Simpson and his team to be relentless in quietly acquiring undervalued lands during the pandemic with massive upside – the main staple and asset class to create wealth for himself and his shareholders in the business.
Barita was named brand of the year in 2020 and Simpson, still a millennial, was named top ten CEO from 2016-2020.
Senior principals of Barita have declined to comment on the deal.
