About the company

West Hamilton Limited, formerly the Bermuda Bakery Limited, was for many decades in the business of making bread and related products until 2004 when the company ceased the bakery operations and reengineered its business strategy, focusing on the development of the real estate to create value for shareholders. On 14^th May, 2007 West Hamilton Holdings Limited was incorporated and became the parent company of WHL. Henceforth, the primary asset of the group of companies comprises of real estate holdings with an estimated market value of approximately $24 million.

Reasons for the change in business strategy

The Company was principally engaged in the business of making bread and related products; which, after many years, provided a poor rate of return on investment for shareholders. The Directors recognized the value of the Company’s real estate holdings and its location being in the center of a vibrant international business market with a continuous demand for premium office space. They decided to move away from the bakery business and created a strategy to aggressively compete in the commercial real estate market with differentiated products and services to meet the demands of the growing international business sector of the economy.

It is the general consensus of the real estate market that the outlook for space remains positive with most of the new projects under construction being substantially pre-leased by existing and growing international companies. Over the next two to three years approximately 420,000 square feet of new office space will be supplied to the market with an annual demand of approximately 175,000 square feet per annum. This current trend in the industry is expected to continue and the pressure on supply will cause rental rates to remain competitive, especially for the higher grade buildings.

West Hamilton Holdings Limited is forging ahead with a master plan for the phased redevelopment of the former Bermuda Bakery site, arguably the largest consolidated commercial property available for new commercial development. The 2.09 acre site is located on the north side of Pitts Bay Road in the heart of the expanding business district on the western outskirts of the City of Hamilton, close to shops, restaurants and the popular Pembroke Princess Hotel.

The Chairman, Mr. David White stated that, “The goal of the project is to create a business centre of the highest quality with state-of-the-art office, retail and residential floor spaces that meet the needs of Bermuda’s international business sector.”

The development includes the construction of four new multipurpose buildings surrounding the current Belvedere Building. The mixed-use development will incorporate and enhance the Belvedere Building whilst respecting the vernacular and scale of the surrounding buildings. Approximately 133,600 square feet of cutting-edge office space, 33,500 square feet of first class residential space, 17,600 square feet of retail space and an underground concierge and parking for 200 cars will be on offer.

Arranged around landscaped pedestrian courtyards, all five buildings can be linked by skywalks above ground and have shared access to the underground concierge and parking. In addition, a modern gym, restaurants and cafes will bring Belvedere Place to life in a setting of nearly 48% open space of the total acreage.

 The Chief Financial Officer, Mr. Harrichand Sukdeo recognized that, “The key to success will be the ability to carefully implement the phased development of the buildings to meet the growing demands for commercial space that compliments the high standards of a competitive international business market. We will provide premium space bundled with discretionary but complimentary services which differentiate our combined offering from the general market.”

 Mr. Sukdeo said that the first phase of construction commenced in January 2008 and involved the demolition of the entire site around the current Belvedere Building and the excavation needed for the whole complex comprising the four new buildings. He added that the general contractor BCM McAlpine Ltd. has progressed construction work ahead of schedule and is expected to complete this phase of the project on schedule. This first phase of construction includes the development of the first building on Pitts Bay Road to the east of the Belvedere Building, the underground parking and all underground infrastructure works for the entire complex.

The budget for the entire complex is approximately $120 million and the development has been planned in five phases to be rolled out sequentially. However, demand for space could trigger simultaneous development of the four new buildings and our contractor has sufficient resources to accommodate the increase in construction works. There are opportunities for investors to become part owners as well as prospective tenants wishing to occupy a section of the complex with the right to customize the interior spaces and name the building. Interested parties can contact us at 295-2985 or by email: harrys@westhamilton.bm

The complex when completed will offer:

·         A state-of-the-art business campus incorporating office space, residential and retail floor space all fitted with wireless technology

·         Four-storey buildings with fifth-level penthouse floors overlooking Hamilton harbor

·         Free-standing buildings with large floor plates and access to light and air on all four sides, mostly with overland and water views

·         Buildings arranged around a pedestrian-only landscaped plaza with heavy planting and focal water features

·         Buildings linked above ground by skywalks and a continuous arcade

·         Underground access for services, deliveries, parking with access to a central elevator and stair core

·         Access to Corporation of Hamilton’s sewer system and piped water supply.