The Bank of Jamaica (BOJ) has announced the acquisition of the former French embassy property on Hillcrest Avenue, Kingston, with plans to relocate part of its operations to the newly acquired site. Purchased for US$7.965 million (JMD $1.25 billion) from Charlemagne Holdings Limited, a subsidiary of Sygnus Real Estate Finance Limited (SRF), this strategic move aligns with the BOJ’s mission to bolster operational resilience.
New Location for BOJ’s Core Functions
The 13 Hillcrest Avenue property, currently housing the Attorney-General’s Chambers, will serve as the new base for certain non-public-facing BOJ functions, such as IT, human resources, and record-keeping. In a recent communication, the BOJ highlighted that relocating these essential but non-customer-facing activities to Hillcrest Avenue will strengthen its capacity to operate continuously, even amid potential disruptions at its main location on Nethersole Place.
SRF has confirmed the transition process, stating that the Attorney-General’s team will soon vacate the Hillcrest property to move into the newly completed ‘One Belmont’—a nine-storey commercial structure at 1-3 Belmont Avenue in Kingston, designed to cater to high-profile government and corporate tenants. SRF expects to see its first tenant move into the Belmont property next month.
Future Vision: BOJ’s Expansion and New Regulatory Role
The BOJ’s relocation is part of a larger infrastructural plan. Alongside this move, the central bank is pursuing a tender for a new 10-storey building at its Nethersole Place headquarters. This construction project, expected to take five years, is driven by the BOJ’s expanding role within Jamaica’s financial landscape.
Looking to the future, the BOJ will assume increased regulatory responsibilities as the country transitions to a “twin peaks” model by 2026. Under this model, the BOJ will be entrusted with prudential oversight of Jamaica’s entire financial sector, while the Financial Services Commission (FSC) focuses on consumer protection and market conduct. This structural shift is projected to demand a significant increase in BOJ staffing, beyond the current 690 employees, as it takes on additional oversight of securities, insurance, and pension services.
This latest acquisition and ongoing developments underscore the BOJ’s commitment to modernizing its facilities and advancing its regulatory capabilities, ensuring it remains equipped to safeguard Jamaica’s financial system through a period of transformation.
