A five-storey former bank retail branch is to be turned into residential accommodation for employees of the Hamilton Princess & Beach Club.

The office block, which straddles Par-la-Ville Road and Bermudiana Road, is a former branch and offices of HSBC Bermuda. It has been deserted for many years.

The property has been purchased for an undisclosed sum by the Green family, who own the Hamilton Princess.

The former bank branch will be converted into residential housing for the hotel’s overseas employees. There will be 55 units, configured as one-, two-, three- and four-bedroom living quarters, all with en suite bathrooms.

At present the hotel’s oversees employees are housed in a variety of accommodations across the island.

Internal demolition work at the building has been done to prepare the property for its future use.

The building has a basement level, but it is the four above ground floors that will be repurposed to provide living quarters for overseas staff of the Hamilton Princess.

A spokesperson on behalf of the Green family said: “The family was looking for a building that was close to the hotel in which we could provide housing to our employees and we are pleased to have found this building.”

The building is separated from the adjacent Clarendon House property by a covered through-walk that links Bermudiana Road and Par-la-Ville Road.

Planning permission allowing for a maximum of 139 beds has been granted. It is anticipated renovation work will take about 18 months to complete.

Local contractors, including Bermuda Interiors, BAC, Atlantic Building Consultants and Botelho Wood Architects are involved in the project. The cost of the renovation has not been revealed.

A multiyear, $100 million renovation project at the Hamilton Princess Hotel was completed in June.