Business

Hamilton office building for sale at $3.75m

  • For sale: the Dorchester House office building is on the market for $3.75 million (Photograph by Blaire Simmons)

A Hamilton office building is up for sale with a price tag of $3.75 million.

Dorchester House, home to professional-services firm PwC, is located at the intersection of Church Street and Trott Road.

The five-floor building is listed by Mark Orchard Real Estate Ltd.

Mr Orchard said: “The building is occupied by PwC, but they will be vacating the offices towards the end of the year and moving into a new home in the new part of Washington Mall.

“The owners thought now would be a good time to give an entrepreneur an opportunity to do something with the building. They have owned it for ten years and it has been a good investment.”

He declined to name the owners, whom he described as a consortium of businesspeople.

Mr Orchard said the “aggressive price” would give a potential buyer room to invest in the building and still generate a good return.

The five-floor building, which was built in 1980, has one floor below ground and four above and has a total rentable area of 42,000 square feet.

Each office floor has executive offices along the outer edge of the building and multiple work stations in the internal area.

The penthouse level includes a corporate board room that sits about 20 people, as well as two breakout rooms for up to eight people.

Mr Orchard said inspections had shown the building to be “in excellent physical condition”. And one attractive feature was LED lighting throughout the building.

An investor might explore other potential uses for the building, such as a hotel or apartments, Mr Orchard added.

In recent years, Hamilton has had a glut of office space after a period of massive commercial real estate development early this century.

Mr Orchard said the market continued to be “generally flat” in Hamilton’s city centre area and noted that the Waterfront and Pitts Bay Road area was proving attractive to new international businesses.

More information on Dorchester House is available at the website of Mark Orchard Real Estate at www.more.bm