The five-storey Compass Point building on the outside edge of the City of Hamilton is up for sale, listed for $19.5 million through Rego Sotheby’s International Realty.

The realtor said in a press release that with its position just outside City limits, the commercial building has the convenience of City life without Corporation of Hamilton taxes.

It added that Compass Point’s five-storey, 81,838 sq ft building is centrally located, with entrances along Bermudiana Road and Gorham Road.

Penny MacIntyre, partner at Rego Sotheby’s, said: “Rarely does a building come online in town that offers a number of solutions.”

She explained: “Compass Point is an ideal office tower for an owner-occupier seeking prime location with 35 car and ten bike parking spots.

“Alternatively, Compass Point also suits a developer seeking a strategic location in town to potentially convert into multi-use residential, retail and office space. The large private parking lot adjacent to the building provides excellent staging for renovation logistics.”

Compass Point is situated on a 0.78-acre lot overlooking City and partial harbour views.

The statement adds that the property has four one-megawatt onsite generators and a state-of-the-art Smardt rooftop chiller.

The 12,000-to-15,000 sq ft sunlit floor plates are a mix of private offices, large open-floor plans, kitchens, meeting and board rooms.

A seven-year leaseback will take effect for the present owner to remain in occupancy of 10,542 square feet on the basement level.

Ms MacIntyre said: “The property offers high visibility and sits prominently among multiple international insurance, reinsurance and law firm headquarters and short walks to the Royal Bermuda Yacht Club, favourite restaurants, pharmacies and shops.

“Compass Point’s next chapter presents multiple options for serious prospects.”