Business boom in west Hamilton
The Green family’s building of the $100-million Waterloo House complex and their plans for a $70-million redevelopment of the Fairmont Hamilton Princess is setting off a business boom in west Hamilton.
Developer West Hamilton Holdings, which owns the Belvedere Building on Pitts Bay Road, said it still plans to construct new office buildings on adjoining property that’s currently a parking lot. But the company said yesterday it’s now focusing on providing products and services for the new occupants of Waterloo House and the surrounding area, which has become Bermuda’s re/insurance hub.
Market research finds occupants of the new complex may want more quality residential accommodation, a gym, squash courts and a convenience store, West Hamilton said yesterday, in releasing its financial results for 2012.
“Our plan to develop the property by constructing four new buildings yielding 105,000 square feet of office space, 40,000 square feet of residential space and underground parking for 181 cars remains our long-term objective,” the company stated.
“However, our short-term plans will centre on providing complimentary products and services demanded by the occupants of luxury offices provided by Waterloo House and grade A offices in the Waterfront Properties.
“Our research indicates that these occupants would be receptive to quality residential accommodation, a fully fitted gymnasium, squash courts, concierge services and a convenience store.”
West Hamilton said it has already begun working on plans for its Pitts Bay Road property.
“I am pleased to inform you that the company has commenced the planning process to develop a piece of vacant land located on the North West corner of the property and offer some of the products listed above,” West Hamilton president and chairman J Michael Collier said. “The use of this land will not impinge on our long-term development plans.
“The Belvedere properties consist of 2.1 acres of prime real estate along Pitts Bay Road directly across from Waterloo House which has been labelled a ‘trophy address’ by a leading realtor. We share the same address and an opportunity for us to differentiate our products and services offered to the discerning professionals who will work and may wish to enjoy contemporary living in the area.”
He continued: “The area around the Belvedere properties is attracting new businesses and will continue to be of interest to international business with the upgrades planned for the Fairmont Hamilton Princess as well as a new marina. I am optimistic that our strategy in the near term to provide complimentary products and services in this market environment will diversify our business, reduce market risks and contribute to the company’s profitability.”
Before completion, Waterloo House was nearly completely rented, with tenants including major Bermuda re/insurers.
The complex comprises nearly 90,000 square feet of office space and seven ultra-luxury penthouse apartments, to be rented out.
The five-storey building also offers underground parking and eight boat moorings in the harbour directly in front.
Developers and owners of the Fairmont Hamilton Princess, Alexander and Andrew Green, have said to have leased most of the available space well before completion “is testimony to the fact that there is still an active market in Bermuda for high quality property”.