Take a look down Par-la-Ville Road and you will see it is fast becoming a mecca for business in Bermuda.

The street already boasts the likes of Bermuda Commercial Bank, KPMG, Conyers Dill & Pearman, Aspen and Validus.

But with the two latest construction projects due to be completed by the end of the year - The Power House and the adjoining Sago Properties Ltd. building - it could be set to add a whole new type of business mix.

The Power House, which is being built at 7 Par-la-Ville Road by owners and tenants North Rock Communications, Applied Computer Technology (ACT) and SwitchWorx, has already signed up Lancashire Insurance Company Ltd. from across the road and hopes to have a couple more tenants in place by the time it is up and running next year.

Sago Properties Ltd., which is expecting to have completed its inspection work by the end of this month, is also in discussions with a number of potential lessees in the international business and insurance sector who have existing offices in Hamilton with a view to moving in in 2010.

Erich Hetzel, director at North Rock, said his company would move in to The Power House before the end of the year when its lease expires at its current head office location in Washington Mall, with ACT, SwitchWorx and Lancashire set to follow.

However, he was confident that with four floors of the six-storey building already taken, more tenants will be found to fill the remaining space of 9,000 square-foot (sq ft).

"We have got a couple of people seriously looking at the space and we are optimistic it will be filled," he said.

"We think it competes very well with what else is on the market.

"We are looking at businesses mostly based here that are expanding their operations and need a larger space with all the mergers and changes going on at the moment - obviously there was a dearth of space five years ago when people maybe took less desirable spaces and now they are looking to upgrade."

Mr. Hetzel admitted it had been a learning curve constructing the building, but was still convinced of the basic concept behind it.

And despite the economic crisis and a number of developments on the Island under review at the moment because of the credit crunch and lack of capital to fund them, he said the owners were fully committed to the development, which was well underway by the time the downturn first hit in September last year.

Incorporated in the design, which was led by architects and developers Par-la-Ville Trio, headed by Peter Terceira and Glyn Quarterly, are glass panelling on all four sides allowing light in and keeping UV rays out while retaining heat, and completely uninterruptible power systems to overcome issues such as the famous black out after the Belco fire of 2005 when companies flew in generators on private jets and had to send staff to work in their overseas offices.

That includes two back-up generators, which can provide a week's worth of power, a redundant air-conditioning system, a building environmental management system, two entry points for telecommunications lines at the front and rear, raised access flooring and an increased floor loading.

"The building is unique, so we think that for a tenant that is looking for continuity of operations it is ideal, especially if you go back to the Belco fire that shut down Hamilton and how many generators were on the streets trying to restore power," said Mr. Hetzel.

"We have tried to eliminate as many single points of failure as we can in this building and the tenants will not be paying a premium for that.

"We have shown we can build a highly efficient building still very cost effectively."

Other features range from a covered front entrance and modern lobby to floor to ceiling glass inside, with stunning views from each of the floors, balconies and roof terrace, as well as a skylight letting in natural light to provide a conducive working environment and all finished with a marble floored staircase.

The building, which prides itself on having a high level of efficiency, security and redundancy, built to data centre requirements, to ensure that businesses can function in adverse conditions, has received its occupancy permit and specific tenant fit-outs are currently being carried out.

Sago Properties started work on its six-floor (including one underground) mixed use/commercial development just over one year ago, overseen by Sanz Pearman, owner of Overnight Construction Ltd., designed by Charlita Saltus, director of Conyers & Associates Ltd., and built by Apex Construction Management Ltd.

According to Mr. Pearman, who is also a director at Sago, the project has been built to budget with a few add-ons to the original design to suit the tenants.

He said there had been several enquires about the building from interested parties, with some waiting on or negotiating the end of their present terms of lease elsewhere.

"It is not going to be a fast fill, but it is going to be pretty steady once we are fully up and running," he said.

"This is one of the main streets in Hamilton - it is the equivalent of Wall Street, and we wanted to be part of that while creating something completely different from any other on the street."

In addition, the building, along with its neighbour, has proved to be a big boost for the local economy, with SwitchWorx, First Class Electrics, Bermuda Airconditioning, Surface Trends, TCC Drywall and Otis Elevator all joining forces to help with the completion of the project and fitting out.

Several projects have stalled as a result of a lack of financing as cash dries up, but for Mr. Pearman pressing ahead and getting the development ready has proved to be a risk worth taking.

"We just took the chance and went for it," he said.

"Life is about taking risks and it just happens that in the midst we got caught in a hurricane, but we kept moving forward and we are still very confident it will be a success.

"Bermuda has weathered a lot of storms and it is not going to be the first or the last by any means - it may have been the worst we have experienced yet, but we will pull through it."

The 45,000 sq ft building, which was formerly Just Shirts and has been in the planning process for the past two years, boasts one generator with 100 percent redundancy in the event of an outage and air conditioning, as well as being completely computerised and customised to fit the tenants' needs.

Its distinctive blue glass windows, and curtain wall combined with the masonary band, allied to panoramic views give the development a unique feel, complemented with a public art glass lobby wall mounted on black granite commemorating Bermuda's five national sports.

Any tenant which decides to take three floors will be given the naming rights to the building and with the tenant fit outs taking place in January 2010, it looks set to be exciting times ahead for the Island's business sector.

To find out more about renting office space at the Sago Properties Ltd. building contact Sanz Pearman on 295-5113 or 535-0141.