90% Of Waterloo Commercial Space Rented
CdB Limited, the company which is redeveloping Waterloo House on Pitt’s Bay Road in Hamilton on behalf of the Green family who purchased the site, said that 90% of its commercial space has now been rented as the project passes the halfway point to completion.
The signed tenants include a mixture of current Bermuda companies and those new to the island, attracted to the location, design and facilities offered by the Waterloo House office space.
The $100 million development project on the site of a former hotel comprises nearly 90,000 square feet of office space and seven penthouse apartments, with both boasting unsurpassed panoramic views across Hamilton Harbour. The five-storey building will also offer underground parking and 8 new boat moorings in the harbour directly in front of Waterloo House.
Alexander and Andrew Green commented: “We are delighted with the progress at Waterloo House. To have leased most of the available space well before completion is testimony to the fact that there is still an active market in Bermuda for high quality property.
“The support we have received locally to date has been excellent for what we believe to be a real success story for Bermuda. This investment shows our confidence in the future for the island and one that we hope will encourage further investment into Bermuda.
“We would like to thank all involved in the project to date, including D&J Construction and its subcontractors, Botelhowood Architects, Butterfield Bank and Bermuda Government’s Department of Planning. All have provided a prompt and professional service, resulting thus far in the project remaining on schedule and within budget.
“They have all contributed towards the creation of a highly attractive residential and commercial space on the island and we are confident that, once complete, it will be admired as a positive addition to the cityscape of Hamilton.”
Due to the building’s prime location in the centre of Hamilton, careful attention has been given to incorporating both modern and traditional Bermudian features in an eco-friendly, sustainable design.
Environmentally friendly aspects of the building include special glazing to reduce solar heat gain and maximise thermal efficiencies, a first of its kind in Bermuda under-floor air conditioning distribution to reduce energy consumption, a daylight harvesting lighting system and solar power water heating for the residential component.
A modern Bermuda pitched roof and ‘green walls’ of vines will tie the building in with its natural waterfront setting and surrounding buildings. The entry court will feature a nautical themed art installation, designed by local artist Will Collieson.
Charles Brown, Director of Bermuda Government’s Sustainable Development Department, says: “It is good news for Bermuda that the prominent Waterloo House site is being developed with sustainability in mind – from a social, environmental and economic perspective.
“By attracting new business to the island and encouraging existing business to stay in Bermuda through the provision of high-calibre commercial space, Waterloo House is providing vital economic stimulation. The courtyard will feature the work of a local artisan and the building and its amenities will have full disabled access. The sustainable design of the building, comprising the very latest energy and water saving technologies, will provide a tangible example of what can be achieved.”
The residential apartments, with an average size of 2,863 square feet, will be released onto the long-term rental market over the next few months, in advance of summer/Autumn 2013 occupancy. They will be finished to a high specification including state of the art audio visual facilities and automatic blind and curtain controls, and exceptional island-wide views. The top floor will house a large residents lounge and roof terrace, which will incorporate fitness, kitchen and barbecue facilities.
Waterloo House is on schedule to be completed by August 2013.
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lol.. yet commercial landlords are complaining about empty units. lol
That’s because a lot of businesses move into the new waterfont space and leave their old offices empty.
New businesses on the Island. I though OBA said they were all fleeing…..
Must be making it up like dunkley does
Mostly taken by existing Bermuda set ups. They will leave current building.
If you truly still don’t believe that there are less people living (and thereby contributing tax/customs revenue to Govt) on this island now than 5 years ago, I’d invite you to walk through Hamilton on any day of the week and witness the empty parking spaces all along Reid St and Queen St. It used to be chock-a-block, now every other space is free.
You don’t have to listen to any politicians, from either party, to be able to see with your own eyes that our ecenomy is in serious decline.
The hard part now is for us Bermudians to stop being distracted by political divisions while our island sinks beneath us.
Here’s a quote for all voters to consider, and hopefully all three political parties to recognise and try to change:
“The secret to being a good politician is having the ability to delay making a decision until such time as that decision is no longer relevent”
I don’t mind less people living here. It’s stressful not finding parking, having a 30 minute commute from crow lane to the flag pole and not being able to find a place to live when I need it.
But it won’t be less stressful for long if we continue down this path; once thousands of Govt employees are told they’re no longer needed and they can’t find jobs elsewhere due to closed restaurants, retail stores and bars, it will become a couldron of stress on this island.
Stupid. A lot of office consolidation, newer building, good rates in poor economy = 90% rented.
A building that is only 50% completed, yet 90% full. Tenants are a combination of existing businesses and new companies to Bermuda.
I thought companies were running away from Bermuda (mainly because of the PLP) and there was a glut of commercial real estate.
As a new building in a prime location, rents must be the highest in Bermuda. In spite of this, the building is almost full.
I wonder how the OBA will turn this positive into a PLP negataive
All the above comments are jumping to conclusions based on a general comment – 90% full of existing business and new companies.
It could be 80% existing and 10% new or even the opposite. Commercial landlords are complaining becuase there spaces are old and need renovations but the newer ones and not complaining. AGAIN, the prices to rent these units were probably low given the market and location, compaired to Reid Street prices.
You dont see complaints coming from Swan’s building. AND, with construction costs low, they can afford to “low ball” their rental prices and still come out on top.
With that said, before we start making anything about politics, we should know all the facts.
FYI – I am a swing voter. Will make my descision based on facts and both parties are not doing too good of a job with producing FACTS.
I am fully aware of the prices to rent this commercial space, and it is *not* cheap, regardless of market conditions and location (which I would say is excellent, despite your thoughts).
A quick check on Caldwell Banker Bermuda Realty indicates that, to rent the *first* floor of the building (which I would assume it the least desirable), one must offer nearly $65,000 per month. I don’t think that is a “low” rent, by any stretch.
Is the Swan building rented to capacity?
Is Arthur Hodgson’s building (Veritas House) opposite the new Courthouse rented to capacity? Please tell what is the purpose of these questions?
She’s being an idiot again. She see’s the 90% occupancy as some sort of measure of PLP success with the economy.
She’s either being disingenuous or an idiot. Or more possibly, a combination of both.
Or perhaps a company that is already in Bermuda is relocating to Waterloo House and leaving where they are currently located empty!
Correct, and many people already know who.
THE FACT IS IT NOT THE END OF THE WORLD LiKE DOOMS DAY BOB PREACHES
Idiot. It’s office consolidation and relocation from other offices in Hamilton. THere is still a glut of space, which is why rents are depressed.
The majority of the space has been rented by companies already on the Island which means there will be at least the same amount of empty spaces in other buildings. Examples are Wessex House, Victoria Hall, Chesney House and others in case you think this is being made up.
Safe for blockin our precious views yet again! smh
blocking our precious views? Didn’t realize you sat in a parking lot trying to see the harbor…
You’re ignorant.
great location along Insurance Company Row…..companies will move there rather than be on Par La Ville Rd…..