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Bank will appeal building application if necessary

The Bank of Bermuda will appeal to Government for special permission to build a seven-storey office complex on the Front Street site of defunct department store Trimingham Brothers Ltd. if its third application to planning authorities isn?t approved through normal channels, chief executive Philip Butterfield said yesterday.

?We will appeal to the Minister? over making further revisions and a fourth application, he told following a Press conference on the bank?s performance through its first two years as a subsidiary of multinational banking giant HSBC Plc.

Under normal procedures, a construction project must be given a green light by Planning?s Development Applications Board. If a project fails to win approval, developers can make an appeal to the Environment Minister to overrule the DAB?s rejection.

A decision by the DAB into the Bank of Bermuda?s latest plan hasn?t yet been announced but some say it is likely to be rejected as it calls for a structure that exceeds the six-storey limit binding on construction in Hamilton.

Mr. Butterfield yesterday said he expects the bank to succeed in its latest bid to redevelop the site as a seven-storey complex, which will include significant space for bank operations, retail banking and some space for retail operations.

The bank is applying to redevelop the site on the heels of the Trimingham?s family last July closing the Island?s best known retailer after more than 160 years in business, citing a downturn in sales.

The bank snapped up the prime piece of real estate in the months ahead of the closure.

A third plan to redevelop the historic Trimingham?s site was lodged with Planning in early February, incorporating more traditional architectural elements on the heels of objections to earlier plans.

Earlier plans submitted by the bank called for permission to build an ultra-modern office complex, meeting with resistance from 23 objectors who said the proposal did not fit the character of architecture along Hamilton?s main avenue.

Once redeveloped, the bank plans to divide its 1,140 staff between the new Front Street facility and its present headquarters at Albuoy?s Point, Mr. Butterfield said.

A third Hamilton branch, on Church Street, will also remain open as a retail banking outfit and will retain its drive-through facilities.

The Church Street branch, which is currently under renovations to ensure customers and staff are not exposed to harmful asbestos, will be a model of the approach to retail banking the Bank of Bermuda plans to roll-out throughout its operations across the Island, Mr. Butterfield said.

Three of the bank?s existing properties ? Compass Point and the L.P. Gutteridge Building on Bermudiana Road, as well as the bank?s Par-la-Ville operations ? are to go up on the sales block once the Trimingham?s site is redeveloped.

?There continues to be a broad level of interest,? from parties to buy the properties, Mr. Butterfield said. And he said Government was one of the parties the bank is in ?confidential conversations? with.

Some have expressed concern that Government?s interest in buying the properties could put it in a conflicted position, given that the bank?s sale of the real estate is contingent on its being given permission by Government to proceed with development of the Trimingham?s site.