West Hamilton Holdings Update On Construction

February 27, 2016

In a filing with the Bermuda Stock Exchange, West Hamilton Holdings Limited issued an update on the on construction at 69 and 71 Pitts Bay Road.

The filing stated, “The primary assets of West Hamilton Limited consist of real property at 69 and 71 Pitts Bay Road, across from the Waterloo House and it remains our intention to develop this property by construction of commercial and residential spaces that compliments the Belvedere Building and parking facility consisting of 310 parking bays.

“The construction of Belvedere Residences commenced in March 2015 and is now 60 percent completed. Work is progressing according to schedule and it is expected to be substantially completed in June 2016.

“The building offers 7 two bedrooms and 2 one bedroom condominiums, a full size gymnasium with squash court and a large penthouse which will accommodate the Offices of Qatar Reinsurance Company LLc,a recently incorporated Cat 4 company. Courthouse Limited has leased the two lower floors which housed the gymnasium and a squash court.

“BCM McAlpine was awarded the contract to build the building according to specifications and architectural design provided by Botelhowood with structural engineering support from Entech Ltd. The primary sub-contractor, BESCO, was appointed by BCM to supply and install electrical and mechanical systems.

“More than 100 persons have been employed since the inception of this project of which 90 percent are Bermudians. At the conclusion of this project, West Hamilton Limited has plans to construct a similar building and two additional level of parking on site which will provide employment for Bermudians for a longer period.

“The building measures 31,878 square feet outside dimensions and offers 24,144 square feet of residential and commercial spaces of which 13,596 square feet or 56 percent is under firm contract with a further 5,274 square feet under an agreement with deposits from interested parties. One unit on the second floor and two units on the first floor are available for rent or purchase.”

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