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Wedco looks to ride out tough times

With a “dismal” retail market due to uncertain economic times, the West End Development Corporation said it was looking to “ride out the storm”.

Its 2011 Annual Report, tabled in Friday’s House of Assembly, revealed a five percent drop in retail over the previous year for the West End district, plus a weak year for real estate.

“While revenues increased by 20.4 percent due to additional water revenues and increases in rent and dock revenues, expenses were also up significantly as a result of increased staff costs, amortisation and bad debt provisions, resulting in a loss of $99,674,” the report noted.

Cash and deposits rose by more than 20 percent, to $9.24 million, while retained earnings held steady at $24.6 million.

No sales were completed in 2011 for housing units at Boaz Island, but a number were said to be pending by the year’s end.

Wedco has gradually sold off its share of the 94 units at the Boaz Island Village condominium complex. However, the report said, a “weak real estate market has frustrated efforts to sell the remaining units”.

The report added: “Financial negotiations for the new Victoria Place complex have not yet been finalised, and it is hoped that this will be resolved during the coming fiscal year.”

The housing plan was hoped to create 100 new homes on Ireland Island.

Although plans have been dropped for a permanent police substation, Dockyard’s CCTV network is being boosted with $10,000 cameras capable of face recognition and reading licence plates at night.

And the long-term leasing of Casemates Barracks and environs to the Bermuda Maritime Museum is on hold, pending a legislation change that will allow the lease without requiring a subdivision of the property.

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Published April 18, 2012 at 10:00 am (Updated April 18, 2012 at 9:59 am)

Wedco looks to ride out tough times

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