Property developer and manager West Hamilton Ltd. has estimated that its planned construction of four new multi-purpose structures around the existing Belvedere Building just outside Hamilton will cost $80 million.

In announcing its first quarter results, the company, formerly known as the Bermuda Bakery before the bakery itself was closed down, said the development of the Pitts Bay Road site was expected to take several years.

The company plans to send a detailed prospectus of the plan to the capital backers and shareholders who are financing the project.

It also plans to reduce the $5 par value of the authorised shares to $1 par value during the second quarter. The shareholder capital reorganisation will mean that five of the new shares will be exchanged for each share currently held.

The new complex will create around 105,000 square feet of office space, 40,000 square feet of residential space, 8,000 square feet of retail space and underground parking for 215 cars.

West Hamilton's primary asset and source of income is real estate valued at $24 million.

Revenue for the quarter was $648,988 — up 3.1 percent for the quarter — but profits fell $133,448.

A statement to the Bermuda Stock Exchange from the company said: "The reduction in net income is attributed, in part, to the professional planning fees for the design of the multi-use buildings included in the company's development plans."

The company will pay its first-quarter dividend on May 11 to shareholders of record as at April 27, but from then on will suspend payment of dividends until the new property plan is complete.