The search is on for design proposals for the largest undeveloped commercial property west of Hamilton.

The Bermuda Bakery Limited closed its commercial baking operations on Pitts Bay Road almost two years ago. According to its 2005 earnings report, it has now had the Bakery Building and Belvedere building land ? lots 71 and 69 on Pitts Bay Road ? surveyed and it has now commenced an invitation-only design competition for a concept and site plan for future development.

The Bermuda Bakery Limited posted 2005 income of $1.02 million compared to the previous year income of $1.03 million.

The 2004 figures include one time gains of $1.3 million from the sale of Bank of Bermuda shares as well as $570,786 in redundancy pay, a $217,660 gain on sale of assets as well as a $211,014 write-off of redundant assets and inventories.

Operating income increased by $752,630 in 2005 to $887,743 if compared to the consolidated results for the year 2004 of $135,114, the company said in its earning release.

Earnings fell 1.2 percent to $3.52 per share for the year 2005.

The Rental Division?s operating income ?without the now closed Bakery Division? increased 20 percent to $149,468

During 2005, Bermuda Bakery disposed of its old equipment, partitioned and renovated the building and fitted it with a new fire alarm system. The building has been rented on short-term leases of two years while the company evaluates its options for the development of the Pitts Bay Road property.

The Belvedere Building, and other investments of the Company, continued to perform well as a result of the significant improvement in the control of costs, cash flow and the capital investments made to improve energy efficiency over the past years, the company said. It plans to make further improvements to its existing facilities and parking lots in 2006.

Capital assets increased 2.8 percent in 2005 to $76,821. Investments rose to $2.3 million. Shareholder?s equity increased by $744,667 or 13.3 percent.