An upscale residence at Long Lane, Stony Hill, that was once the home of a United States (US) ambassador to Jamaica has been put on the market for sale, with a price tag of US$3.5 million (J$384m).

The property is being marketed to investors offshore or local developers to build out townhouses or villas, said the agent handling the sale, Access Properties Investments.

The current owner of the property was identified only as "a foreign investment and trading company".

The Long Lane estate, which sits on 3.9 acres, was recently renovated at a "substantial sum", said Anthony Harris, principal of Access Properties.

Sale of the "non-exclusively" listed property is being handled by Harris for the offshore owners.

The property was built in the 1950s by the US embassy. The US ambassador's official residence is currently located elsewhere at Paddington Terrace in Kingston.

The Stony Hill estate comprises a 5,325-square foot main residence with three large bedrooms "all with en-suite bathrooms, newly installed marble floor veranda, wine store and laundry area".

A guest cottage of 1,282 square footage, along with two other residential units of 1,044 square feet and 500 square feet, is also on the estate, which comes with a water-storage tank, a generator room with an 80 KVA generator, and a 500-gallon fuel tank.

A press advertisement of the property also says it features an outside entertainment gazebo, barbecue and patio totalling 730 square feet.

The current owners acquired the property "about four years ago" and it has not been occupied since its renovation, said Harris.

He declined to say whether the new owners are Jamaicans or foreigners, only that the asset is held in an offshore registered company.

"The property is being sold because its current owners have other accommodation elsewhere in Jamaica and the Long Lane property is surplus to their requirements," the agent told Wednesday Business.

"Their intention is to liquidate the asset having spent a substantial amount to renovate it," he said.

The lands of the estate are valued at US$3 million, with a "US$900,000 replacement cost of the buildings", Harris said, noting the asking price of US$3.5 million is aimed at "keeping a competitive price".

"It's ideal for companies that want to put in residential accommodations for their staff. It could also be a villa, townhouse development or for creating a multi-unit retirement complex," he said.

But he also acknowledged that the current environment is challenging for "distinguished" properties locally.

"What is happening is that in Jamaica now, we have a new trend where so-called interested buyers will phone and make arrangements to view the property. They appear very professional, and then a day or two after, you have a burglary," said Harris.

Sale of the estate is therefore being meticulously managed, he said.