A multi-phase re-development project in probably the last sizeable tract of real estate within the heart of Hamilton's financial district is likely to raise the fortunes of West Hamilton Holdings far above its current estimated market value of $24 million.

At the same time the five-year, $100m development of offices, shops, restaurants, cafes and penthouse apartments is set to be an attractive lure for current or future international business looking to expand in the prestigious neighbourhood.

With the likes of Ace and XL as near neighbours, the recently built Waterfront business enclave across the road and the Fairmont Hamilton Princess Hotel less than a minute's walk away, everything is in place for the former bakery site that wraps around the Belverdere Building to become a highly sought-after business base.

With planning hurdles now overcome the next concern for bosses of West Hamilton Holdings, the parent company of West Hamilton Limited which was formerly the Bermuda Bakery, is securing the cranes, cement and construction equipment needed to progress with the plan.

A start date for demolition of the former bakery building has been set for early 2008, with a large excavation required to house two levels of underground parking for 215 cars.

West Hamilton Holding's chief financial officer Harrichand Sukdeo said: "All the contractors we have spoken with assure us they can mobilise within the time we have asked.

"We were granted planning permission last Thursday and we have moved to the selection phase for contractors and sub-contractors and the people who will do the demolition work which we plan to start in January."

The bakery building is now mostly used for warehousing. The associated buildings have a variety of uses, such as Olivers deli cafe which faces onto Pitts Bay Road

The new designs show five office buildings at the side and to the rear of the Belvedere Building connected by skywalks with landscaped inner court yards accessible to the public, including water features, walkways and restaurants, cafes and shops.

The ground floor will be a mixture or retail, including restaurants and cafes. Above will be three floors of offices topped with penthouse apartments in the roof space.

At the moment the project is scheduled to take five years from start to finish, with phase one taking an expected 18 months, which includes the underground parking and all the infrastructure that will be needed for the entire complex.

West Hamilton Holdings is also prepared for a likely possibility that clients seeking to move into the new development will request that phase one and two be constructed concurrently.

"Our plan is to roll out sequential phases, but if there is demand for the second phase we are prepared to do it at the same time as phase one," said Mr. Sukdeo.

Both he and chairman of the board David White are excited at the chance to replace the dilapidated former bakery buildings with offices, retail, restaurants, apartments and more than 40 percent of green/open areas.

Interest is already coming in from clients looking to populate the new complex.

"The business community is aware of the complex and we have had interest from several areas and have negotiated pre-leasing for 50 percent of phase one, said Mr. Sukdeo.

"This area is insurance alley. We are offering Grade A buildings with the infrastructure required by the clients."

This includes a concierge service in the underground section, which will perform many roles including securing taxis for clients. Further general servicing is to be available for company offices. The inner courtyards are anticipated to include at least one high-end restaurant and space for entertaining corporate guests and clients.

The phased project will wrap itself around the Belverdere Building, which is to remain in place although it too will eventually see some modification.

Chairman Mr. White said: "We think we are going to create an environment that international business will want to be in."

The site totals 2.09 acres, and is to be split into roughly 105,000 square feet of cutting-edge office space, 40,000 sq ft of "first class residential space" and 8,000 sq ft of retail.

Cars will enter and exit the underground parking from Pitts Bay Road and a side road between the Belvedere Building and the Bacardi property.

Mr. White said: "The goal of the project is to create a business centre of the highest quality with state-of-the-art office, retail and residential floor space that meet the needs of Bermuda's international business sector.

The key to success is the ability to carefully phase the development of the buildings to meet the growing demands for commercial space that compliments the high standards of a highly competitive international business market.

"We will provide premium space bundled with discretionary but complimentary services."