BLUE Power Group Limited has announced the sale and purchase of properties as the soap manufacturing-led group pushes for growth and expansion.
The company has disclosed that Cotrade Limited, a wholly owned subsidiary, has signed an agreement for sale of its property located at 17c Gordon Town Road in Jamaica to sister company Lumber Depot Limited, which is also a subsidiary of Blue Power and operates its hardware store at that same location.
Lumber Depot, which is a full-service hardware and building materials store located in Papine, St Andrew, has been operating at that location on a lease agreement with its parent company, Blue Power Group. Lumber Depot stocks an extensive inventory of construction and hardware supplies — from lumber and concrete blocks to paint — and is listed on the Junior Market of the Jamaica Stock Exchange. Securing the location is part of Lumber Depot’s expansion plans.
Blue Power Group has also announced that Cotrade Limited has signed an agreement for sale to purchase properties at 3 Victoria Avenue and an adjoining property at 2 Cleveland Road in Kingston. The properties are being bought from the incorporated Lay Body of the Church in Jamaica in the Province of the West Indies. The property at 3 Victoria Avenue is located on the street where Blue Power’s head office is located.
When contacted, Blue Power Group Chairman Dhiru Tanna told the Jamaica Observer that the properties are being purchased with expansion in mind. He advised that there is no immediate plan for the two properties which measure about 1 2/3 acres, highlighting that they are being reserved for expansion. We asked whether the properties are being purchased to expand Blue Power or Lumber Depot but Tanna said this determination has not yet been made. However, he did not rule out a combination of both.