Hospitals board buys Hamilton office building
The Bermuda Hospitals Board bought a Hamilton office building in a move designed to protect it against future rent increases.
The BHB has rented space in Craig Appin House for ten years after it had to move departments including human resources and finance offices from the Queen Elizabeth nurses’ residence in 2011 owing to its poor physical condition. The building was demolished in 2016.
More than 100 BHB employees work in the Wesley Street location, including a medical concierge service that helps patients with medical travel.
Arthur Ebbin, the board’s chief financial officer, said: “I would very much like to thank the owners of Craig Appin who offered the BHB favourable and flexible terms for the purchase.
“BHB will pay the same amount it has been paying each year in rent as it pays for the building. This means we have been able to afford the purchase based on our cashflow.
“Rental income from other services in the building will help offset maintenance costs for the immediate future.
“Critically, this deal protects us from the rental market increases in Hamilton over the coming years and provides us with options for estate planning to benefit our services to the community.”
The deal was approved by Kim Wilson, the Minister of Health, and David Burt, in his role as the Minister of Finance, as well as the BHB board and executive. The BHB has not released the purchase price.
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