Two of Hamilton’s most prominent commercial properties have hit the market for the first time since the 1800s.The Walker Arcade building and the Calypso building, which are owned by separate but related companies, are listed together for a sale price of $8 million by agents Coldwell Banker Bermuda Realty.The properties sit on just more than a third of an acre between Front Street and Reid Street, comprising more than 36,000 square feet of space.“This is a special opportunity for someone who recognises the value of these two historic properties,” said Brian Madeiros, president of Bermuda Realty, who is handling the sale.“Buildings and lots on Front Street don’t change hands very often. These buildings were constructed on lots in the 1800s and have remained in the same ownership structure since then.“This is a very important transaction for individuals within the community who may never have had the opportunity to buy these types of properties before. It is exciting for the community.”Coldwell Banker said the buildings would provide a new owner with significant rental income, or an opportunity to redevelop the property “with a view to providing the city with a new and dynamic development which can be designed to reflect the changing needs of our local and international business stakeholders and our broader community”.Mr Madeiros added: “It depends on where the appetite is in the marketplace. The buildings are a great opportunity for right now because of the current revenue associated with them, but we may have someone who takes more of a long-term approach or perspective and considers further investment in the buildings as a long-term asset in the city.”The properties were listed for sale this week, and Mr Madeiros said it may be some time before the level of interest in them becomes apparent.“With large assets like this, there is a limited buyer pool,” he said. “I suspect we will be able to provide more clarity for our client in the next couple of months.”Bermuda Realty said the buildings can trace their history to the early days of the City of Hamilton, which was given its name by the House of Assembly in 1790.The city lots that the Walker Arcade property was built on were purchased in the early 1800s to accommodate the operational requirements of BW Walker & Co, importers and exporters.The distinctive property adjacent to the Walker Arcade overlooking Front Street and occupied by Calypso, was constructed in 1897 by Thomas Miles in order to house his grocery store.As the city grew during the next 100 years, the design and use of commercial property evolved to accommodate the changing times, Bermuda Realty said. In 1932, the owners invested significant capital to refurbish and join the existing buildings in order to create the arcade that connects Reid and Front Streets. The new development created 24 shops, three apartments and 14 warehouses.Twenty-six years ago, the Walker Arcade was again redecorated and modernised, creating a total of 31 rental units in the building.The owners of the two properties over several generations recognised that in order to remain relevant in the commercial market place, redevelopment was imperative in the life cycle of commercial real estate in the city, Bermuda Realty said.