The owners of the former Bermuda Bakery have found a new way to make dough, and it has nothing to do with bread.

It has everything to do with real estate. The last significant chunk of prime development land in Hamilton's financial neighbourhood is to become a mixture of offices, shops, restaurants, landscaped inner court yards and penthouse apartments.

An underground car park to hold 215 cars will also serve the new complex on the site of the former Bermuda Bakery on Pitts Bay Road after Planning permission was granted.

The phased $100 million project will wrap itself around the Belvedere Building and bring a new kind of serviced-facility for international businesses seeking to take up residence in a sought after corner of the city's financial district.

One of the first changes will occur with the demolition of the properties to the side and rear of the Belvedere Building, including West Hamilton Holdings' office and Oliver's deli cafe opposite Waterloo House.

West Hamilton Holding's is the parent company of West Hamilton Limited which, in turn, was formerly known as Bermuda Bakery Limited.

The razing to the ground of the properties is earmarked to start in January, allowing excavation work to start on the underground, two-level car park.

It is anticipated the first phase of the four-phase, five-year project, will be completed within 18 months. Despite the construction boom across the city, West Hamilton Holdings has received assurances from contractors that the equipment and personnel will be available to start the project as 2008 begins.

Sited close to the new Waterfront development and just down the street from headquarters of Ace and XL and the Fairmont Hamilton Princess Hotel, the complex fills what West Hamilton Holdings says is arguably "the largest consolidated commercial property ripe for development".

The public will be able to enjoy new shaded courtyards at the heart of the development, with pedestrianised walkways, outdoor cafe and restaurant eating, water features and landscaping all outlined in artists' impressions of the finished complex.

Five new buildings will be linked with skywalks and built around landscaped pedestrian courtyards, with the "state-of-the-art" offices being fully serviced with an underground concierge facility.

• For full report see business section, page 24