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Point House secures tenants for top floors

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Tenants have already been secured for the top two floors of Point House, the Albuoy's Point office building undergoing a makeover.

Penny MacIntyre, a partner at Rego Sotheby's International Realty, the rental agent for the property, said international business interest had been strong for space in the former HSBC Bermuda building.

Construction workers have been working since May last year to upgrade and modernise the 86,861 square-foot building, while making it more visually attractive.

Work is scheduled to be completed by February 2021, when tenants will come in to fit out the interiors of their new corporate homes. Offices should be up and running by late next year, Ms MacIntyre said.

She added: “We have secured a tenant who has taken the sixth [top] floor and half of the fifth floor as well. Another tenant has taken the other half of the fifth floor.”

She said she was not at liberty to reveal the identity of the top-floor tenant, but that it was a young re/insurance company.

Another international business tenant has also taken space on the ground floor and first floor.

The second, third and fourth floors, each of which comprise 9,942 sq ft including 1,022 sq ft of common space, remain available for rent, as well as a 1,500 sq ft space on the ground floor, which includes its own street entrance.

There are balconies on all four corners of the building on each floor from the second to the sixth, proving 544 square feet of terrace space on each floor. The first floor balcony space is a long triangular area overlooking Front Street, amounting to 390 sq ft of terrace space.

Ms MacIntyre said the boomerang-shaped floor plan could be easily divided into two for those looking to occupy half of a floor.

Base rents per year, based on full-floor occupation, are $75 per sq ft for the second floor, $80 for the third and $85 for the fourth.

The building will have underground parking, with an entrance to the parking lot at the rear of the building.

Ms MacIntyre conceded that the pandemic had changed the way people worked, but believed there would continue to be demand for spectacular office space.

“A lot of people are working remotely, but not everybody wants to be sat at home for 365 days a year,” she said.

“People are missing the direct engagement with others. An office space like this helps them to show they value their employees and their clients.”

Point House is situated next to the Hamilton ferry terminal and the park at Albuoy's Point and offers spectacular views over Hamilton harbour.

The building is owned by the Green family, who also own the Hamilton Princess and Beach Club.

For more information, contact Penny MacIntyre at Rego Sotheby's International Realty at pmacintyre@regosir.com

Taking shape: work is progressing towards scheduled completion of Point House by February next year (Photograph by Akil Simmons)
Vantage point: the view over Front Street from one of the corner balconies at Point House (Photograph by Akil Simmons)
Thumbs up: workers at Point House (Photograph by Akil Simmons)
Much to do: construction work continues at Point House (Photograph by Akil Simmons)
Busy site: workers at Point House and a massive crane (Photograph by Akil Simmons)
Modern look: Point House (Photograph by Akil Simmons)
Much to do: Point House (Photograph by Akil Simmons)
Strong interest: Penny MacIntyre, left, of Rego Sotheby's International Realty, says tenants have already been secured for the top two floors of Point House (Photograph by Akil Simmons)

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Published September 11, 2020 at 9:00 am (Updated September 10, 2020 at 9:10 pm)

Point House secures tenants for top floors

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