Government aims to buy Compass Point for $14.5m
The Government has agreed to buy the former HSBC office building Compass Point for $14.5 million.
Jaché Adams, the Public Works Minister, told the House of Assembly that the purchase of the 81,000 square foot building would save the Government $2 million a year in rents paid to private landlords.
The Compass Point building, on a 0.78-acre lot at 9 Bermudiana Road, was listed for sale in 2024 for $19.5 million through Rego Sotheby’s International Realty.
The current owner of the property was not disclosed.
Mr Adams said the purchase, which must be approved by the House of Assembly, would enable the Government to consolidate its departments and realise efficiencies.
He did not disclose which Government departments would be moved to the building, or which rented premises would be vacated.
He said government offices at present were spread over “a combination of government-owned buildings and privately leased commercial space”, primarily in Hamilton.
He added: “This fragmented arrangement creates inefficiencies, increases costs, limits co-ordination between departments and makes it more difficult for the public to access services.”
Mr Adams said the 2026-27 fiscal year was projected to cost the public purse nearly $11 million in rents, excluding utilities and service charges, which he called “a significant recurring expense”.
The purchase is to be the topic of a Notice of Motion under the Acquisition of Land Act 1970.
Mr Adams said the move would avert the time and “substantial” investment of new buildings — and save “at least $2 million annually, in addition to operational efficiencies associated with shared infrastructure, utilities and support services”.
He described it as “a practical step, a considered step” of “long-term financial sustainability”.
• To read the minister’s statement in full, see Related Media
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