With its open airy lofts, historic grandeur and stunning sea views Dockyard has the sort of potential which would have most self-respecting realtors scratching each other's eyes out for a share of the commission.

But four years into his job as West End Development Corporation head Lloyd Telford is acutely aware that much of the former naval base is still just untapped potential rather than thriving reality.

Restrictive laws barring the quango from offering more than 21-year leases has hampered Wedco's exciting plans for transforming the mass of atmospheric buildings into a thriving town.

Mr. Telford said: “I always want things to move quicker. We clearly need the leasing issue to be resolved so the development models can be pursued. That's the single most important thing.”

He said projects could be exempted from the 21-year strait-jacket on a case-by-case basis by Cabinet but that the Victualling Yard project had been in front of Cabinet since before he joined Wedco.

Wedco had planned 56 homes for site, to be located in the two large run-down buildings in the Courtyard behind the Frog and Onion, on either side of the Courtyard.

One is virtually empty and the other was gutted in fire in the late 1980s and has stood empty and roofless every since and is now bearing the full brunt of the weather and is in danger of falling down.

Wedco had hoped to use cash gained from revamping the site to help fund development of adjacent Dockyard Terrace.

However the 21-year leases which govern Wedco have scared off developers so Wedco is pushing ahead with just the rental units.

This year will see Wedco roll out five three-bedroom rental units in Dockyard Terrace which have been empty for years after being used by naval staff.

“The cost of development is quite high,” said Mr. Telford. “The idea was to piggyback that development with the Victualling Yard development.”

Asked about whether Government was budging on the strict lease conditions, Mr. Telford would only say that talks were continuing and had been going on for quite some time.

But he is clear on the vision. He hopes Dockyard can become a viable centre in which to work, live and play.

“This is not just a tourist destination. This is home, this is community.

“People think we have a million buildings but we have very few buildings, it's just that they are quite substantial. There is still a significant opportunity to develop them.

“I would like to see a town sustained by exciting amenities for all.

“You don't have just one socio-economic group living in one neighbourhood. Those days are gone. We have an opportunity to plan it using different residential models.

“Which means everyone in the West End has access to the amenities. You have bike parks and walking parks, you have superior beaches because they are kept up. You have playgrounds every so often.”

Wedco is looking at the south basin for mixed use development - made possible by the proposed relocation of the Bermuda Cement Company will free up space.

The company is likely to move south from its current location and allow a cohesive light industrial park to be created said Mr. Telford who said the area was not being used efficiently.

“We are looking at mixed use - it could be office, residential. It could be anything. The key thing is we are creating a town with any number of activities and amenities which makes up that community.”

He said the Malabar field was an excellent site but underused. Wedco hopes to partner with Ireland Rangers, who have a club house there, to get more use out of the site.

“It has significant recreational potential. I could see increased amenities - it could be a dog club or other sporting or recreational clubs putting their home in the Dockyard, maybe a rugby club.

“That in itself creates activities. The sky is the limit - it just depends on who wants to make a presentation.

A 20-stable horse initiative is planned for land between Cochrane Road and the sea.

“That will bring horses right into the neighbourhood - another amenity for the community.”

Wedco wants to upgrade around 70 old-fashioned terraced houses but is waiting for a response from Government on its appeal for a partnership effort.

The Cottage, a sumptuous waterfront home once used by the Governor still stands empty but a plan to turn it into either a tourist accommodation, residential units or a culinary institute have all fallen through because of the leasing restrictions. Wedco now has a proposal to turn it into an office.

He said bringing Dockyard's 150-year-old buildings to fit modern needs wasn't easy.

“There maybe unknown structural and roofing issues which can quite quickly cause prices to go up.

“The economics of reversing deterioration can be daunting.

“The environment in Bermuda is quite harsh and these buildings are not your typical architecture.

“They don't use your typical building techniques so when you fix something and when you have to replace something cost is critical.

Many of the buildings are made of local Walsingham rock but not many craftsman are used to working with it these days.

“The potential here is phenomenal and very real. It's doable, it's not pie in the sky.

“I have a responsibility to Bermuda because it is a cultural heritage site you are developing. “However what you want to do is give it new life. If you attempt to have it as a sterile presence it won't have a new life.

“So it's a huge responsibility but that makes it enjoyable.”