$4.95m office building has residential possibilities
Offered with vacant possession, 56 Reid Street has a secret weapon.
Despite these being times of economic struggle, RAM Re House is the only Hamilton office building on the market. However, its biggest selling point may be the potential the top two floors offer for something different — a penthouse apartment.
Listed at $4.95 million, there has been real interest in the building, according to Bermuda Realty Coldwell Banker realtor Scott Powell.
Currently, a Eurotile showroom is on the ground floor, but the retail operation is about to move. There are two floors below. The remainder of the floors are suited for office space, although the penthouse and floor beneath could become the penthouse suite envisioned by Mr Powell.
The top two floors are connected by a sweeping circular staircase, dating back to the days when it provided a home for the building's namesake, reinsurer RAM Re, and boast predictably stunning views overlooking the Hamilton Harbour and Paget shore line.
The building also looks out over Reid Street to the north — the views on both sides improving the higher the floor.
Mr Powell is exploring the penthouse apartment option because, he revealed, Hamilton residential units such as the multiple residence buildings on Dundonald Street and Victoria Street are currently selling at a greater rate than out-of-town units.
And the top floors of RAM Re House could be one of Hamilton's most spectacular residences.
In addition to the generous size of the top floors — the penthouse floor is 2,000 square feet and the floor below is 2,500 square feet — there are also balconies on the Reid Street side, with views over central Hamilton's tree-lined streets and roof tops, reminiscent of a European top floor residence.
The building consists of seven rentable floors in all, two below Reid Street. In all, there are 15,830 rentable square feet of space in RAM Re House.
Mr Powell described the building as a quiet one, thanks to its double glazed windows.
There is also a back-up generator facility, which is available by negotiation, for computers, copiers scanners connected to the UPS circuit. The washrooms are all appropriate for anyone with physical challenges and the spaces are large, clean and dry, and most offices had kitchens built into their premises.
An elevator connects all the floors of the building.