Bermuda's property market will present many opportunities for developers, landlords and tenants alike, despite the current economic crisis, according to Sir John Swan.

The developer and former Premier, whose company Seon Place Ltd. is presently constructing the 141 Front Street building in Hamilton, reckons the number of new projects going up across the Island will be able to meet demand and said that his own development has the necessary financial backing in place to succeed.

Speaking to The Royal Gazette, Sir John and his daughter Amanda Swan, the company vice-president, who had a hand in the design of the building, gave an exclusive behind-the-scenes tour of the new development.

"Most of the buildings have tenants for them," he said. "Sure, there is going to be shrinkage and growth, with some companies talking about expansion as a result of acquisitions and expansion as a result of some of the downturns in some of the economies.

"I do not think it is negative — I think that Bermuda has a unique opportunity."

Sir John said today's financial turmoil facing Bermuda could provide a similar opportunity to the tax treaty agreement brokered by himself with the US in the 1980s, with the country having a solid infrastructure, sound regulatory environment and personnel capacity to embrace wealth and its management.

"You have got to keep in mind that Bermuda is very small and it has been through gyrations before of cutbacks and stops and starts and no doubt will experience them in the future," he said.

"I have every confidence that Bermuda, because of its historical service capacity, particularly on the international side, will have an opportunity to provide new forms of business as governments find it necessary to address their own situations through taxation, with chances for companies to set up in Bermuda that are wealth-orientated.

"We have built our building around these types of people and I think it is a great facility for staff from all around the world."

Sir John likened the fallout from the economic downturn to the upturn in fortunes that followed in the wake of the 9/11 terrorist attacks and Hurricane Katrina in 2005.

"We had the same experience after 9/11 — there was a cutback and then we had a burst of growth and then Katrina came along," he said. "We have been through these cycles before and Mother Nature has a way of reversing herself because it has to find a balance."

Sir John, who has many years of experience in the development business, believes the building will really embody Bermuda and mark one of the main the gateways into the City.

"Nothing has ever been built like this in Bermuda, or even in the Caribbean and other parts of the world," he said.

"It is a culmination of all of our experience and it is also designed to be of optimal use for the tenants."

The half-acre site was originally a series of properties including a cottage called Seon Place, Seon Lane and the Bermuda Industrial Gas building. Sir John has been buying up the different parts since about 1979.

And with 107,000 square feet of floor space for rent across 10 storeys, plus two floors of underground parking to accommodate around 70 cars and 120 bikes, the building meets the needs of clients in terms of space, light and energy efficiency.

The project, which is being run by main contractors D&J, have been charged with no mean task of erecting it within 26 months, along with Universal Electric and Bermuda Air Conditioning, also features revolving front doors, four elevators, 750 horsepower generators, a data centre, a cold water air conditioning system (which also heats the heat pump system for hot water), waterless urinals and outdoor landscaping, such as a garden with terraces, trees, grass, with entrances at Front and Reid Streets.

Built into the 'green' aspects of the design are a salt water pumping system to cool down the generators, which is then recycled back into the sea, light harvesting to control zero percent, 50 percent and 100 percent light as required by tenants, allied to 884 glass windows in total on all sides, in a bid to keep electricity costs lower. The whole building will have complete capacity for redundancy.

It also offers stunning views across Hamilton harbour and the surrounding area, an 11-foot fountain at the front of the building and a path linking Front and Reid Streets, as well as a gym complete with showers and lockers, and a café on the ground floor.

With the design having been fully tested for safety in a wind tunnel in Western Ontario, the building can withstand Category 3 hurricanes and above.

Sir John, who has been working on projects on the site with chartered architects Linberg & Simmons Ltd. for more than 15 years, said the two lower floors of the building were almost finished, while the eastern stairwell had reached its full height and work on the central core consisting of elevators is well underway, as well as four of the upper levels.

He said the steel structure (600 tonnes) of the building to complement the 6,000 cubic yards of concrete used is due to arrive in mid-January and it is expected to be fully installed by April/May, with a completion deadline of June 2010. "The project is financed and there are no ifs and buts about it — we would not have started work if we did not have the finance," he said.

"We have got some good potential clients," he said. "We have only had tentative discussions so far with people mainly in international business."

On the web:

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