GraceKennedy Pension Fund is spending $1.8 billion to build a multi-use supercentre on Molynes Road, to be occupied by electrical, lighting and PVC company FosRich. The facility, for which ground is to be broken this month, should be completed in 18 months. Douglas Orane, Chairman of the GraceKennedy Pension Fund, said this project is a means of diversifying the holdings of the fund, managed by Proven Wealth. The property to be developed is at 76 Molynes Road, where a warehouse has already been built for FosRich. The new four-storey supercentre, from which FosRich will operate, will house several offices on the upper floors. Mr. Orane said the property will also have “a huge amount” of parking. FosRich will hold a long term lease for the property. CEO of FosRich Cecil Foster said the company is looking to increase its hardware offerings at the new location as it aims to set up a “one-stop” shop for all electrical, PVC, energy, tiles and other supplies.
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