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Orchard takes over management of three Hamilton office buildings

Under new management: Chevron House (pictured), Cumberland House and Craig Appin House are all now being professionally managed by Mark Orchard Real Estate Ltd (MORE)

Three of Hamilton’s landmark office buildings are undergoing makeovers and have come under new commercial management with a view to securing new tenants.Cumberland House on Victoria Street, Chevron House on Church Street and Craig Appin House on Wesley Street are all now being professionally managed by Mark Orchard Real Estate Ltd. (MORE) as the “owner’s representative”.The three buildings were once the anchor of the Island’s reinsurance industry, Cumberland being the former home of re/insurance giant XL, and broker Aon, until they moved on.Mr Orchard told us 24,000-square-foot Chevron House was currently 85 percent occupied, 64,000-square-foot Cumberland House was over 70 percent occupied and Craig Appin was also 70 percent occupied, which he said was “in line with current market trends”.“As the commercial office market matures we believe that there are opportunities for businesses of all types to secure affordable office accommodation in the city centre,” Mr Orchard said.“Our rents are extremely competitive and our buildings well maintained and attractive. In fact with so many great restaurants nearby, as well as plentiful parking and proximity to the Hamilton bus stop, there has never been a better time for tenants to consider looking at alternative accommodations. You can’t beat our location.”The three buildings are part of the estate of the prominent developer FW Yearwood, who passed away in 2007.“We are very pleased to have Mark (Orchard) join our organisation and we are confident that he will actively assist us as we moved forward with enhancing our commercial property portfolio,” said Mr Yearwood’s nephew, George Fraser.The three buildings have a diverse group of credit tenants including a major local law firm, international insurance brokers, a global oil & gas company and the administrative offices a large local healthcare provider.Pauline Richards of Armour Group and a tenant in Chevron House said: “Having Mark on-site each day has been a welcome addition for our business as we get proactive facility support for any matters that arise”.MORE, launched last year, is one of the Island’s newer real estate companies.“When I first started my business I focused on residential real estate and I have now been fortunate to be invited to provide my expertise and professional service support to these three fine commercial buildings,” Mr Orchard said.“The owners have an excellent vision of where they want these buildings to go and have in fact already begun significant capital investment in Cumberland House and we are now nearing the completion of the renovation of all twenty bathrooms in the asset.“We have also completed the renovation of a second floor space as a gym and it includes some really attractive bathrooms with dedicated shower facilities. We hope to attract an operator to establish a business here and provide quality services to our tenants and the general public alike.”Mr Orchard added: “Future enhancements at Cumberland House include fire safety upgrades, electrical system upgrades to provide business-continuity redundancy, while at Chevron we are planning improvements to the exterior image of the building as well as new windows on the lower floors. At Craig Appin, new air-conditioning systems and controls will ensure that tenants remain comfortable in summer and winter seasons.”