The Bank of Bermuda can now add the rent cheque from its new Front Street real estate to revenues, after its purchase of the Trimingham's building closed yesterday.

It emerged on Tuesday that the bank - which was sold to multinational banking corporation HSBC Plc last year - was snapping up what is arguably Bermuda's toniest address, when Trimingham Brother's Limited made the shock announcement they were going out of business after 163 years.

The bank has so far been mum on its plans for the Trimingham's space but speculation has been that its retail banking hall could be moved there, which would be in line with the "principal shopping area" zoning of that part of Hamilton. There have also been murmurs that the bank could have wider plans for the space, including that it could relocate its main office from its outdated building at Albuoy's Point (which some have likened to a big block of Swiss cheese) to the new address.

Trimingham's has said it will close its doors - both those of its main operation on Front Street and at Island-wide branch stores - at the end of July. It has however arranged with the bank to stay in the Front Street space it called home for well over 150 years until the end of August.

Trimingham's legal counsel Wendell Hollis told The Royal Gazette last night: "As of this afternoon, all of the properties belong to the bank and Trimingham's will remain a tenant of the properties until the end of August."

Although Trimingham's last year bought out next-door retail rival HA&E Smith's, the purchase was of the business only while the Smith's property itself remains in the hands of Smith's directors and in small part, the Bermuda Church Society.

Trimingham's has arranged a lease through August with Smith's and the Bermuda Church Society.

In addition to buying the Trimingham's building, the bank is buying out its warehouse space on Mill Reach Lane as well as scooping up the Front Street property adjacent to the Trimingham's building (which borders clothing store Calypso) that is leased by Trimingham's from from Butterfield, Conyers and Watlington.

Neither party has disclosed the purchase price attached to the Trimingham's property.

It was not known last night if the bank's purchase of the Butterfield, Conyers and Watlington building had yet closed.