More than 15 international companies are lining up for office space, BFCL president Sen. Mike Winfield said yesterday.

"The demand is such that it demonstrates our point all along -- there is a real need in Bermuda for quality office space,'' he said. "The last three weeks have really brought home how important our concept is. The requirements are for more space than we have.'' Sen. Winfield said 186,000 square feet of floor space in three office blocks would be up for grabs when the huge $130-million hotel and financial complex was built.

The office space would rent for an average of about $38 a square foot.

"We knew the demand was there, but to have it verified is very gratifying,'' Sen. Winfield said. "This project is going to create the jobs and revitalisation we expected it to.'' Some of the mostly reinsurance companies that had expressed interest in the centre were already domiciled in Bermuda, but were looking for three to four times more office space than they had, he noted.

But he was quick to point out that there were numerous other companies waiting to take over their city premises if they left.

The BFCL was not "sucking'' all the international companies out of Hamilton, he said.

The large floor plans of the office complex was a major attraction to companies because it offered renters a high degree of flexibility in design, he said.

"It shows confidence in Bermuda and its long term viability as an international business centre, and it signals real growth in that sector of the economy,'' he added.

Developers hoped to start knocking down the old Bermudiana Hotel by the end of May, he said. The Development Applications Board gave in-principle approval to developers to transform the site into the BFCL after a major hearing in February with objections from the National Trust, the Corporation of Hamilton, Princess Hotel owner Hamilton Properties and other guest properties.

At the hearing, Hamilton Properties lawyer Mr. Alan Dunch suggested the development would result in "the largest white elephant the Island has ever seen''.

The development is scheduled to include a deluxe, five star hotel, managed by the prestigious Four Season Regent hotel company.