the former Naval Air Station to Bermuda's real estate sector.

The move means realtors and agents will market the St. David's base land sites for the BLDC, and be paid a brokerage commission.

The BLDC is aiming for the best market rent available.

Realtors can assist the company in integrating the base lands into the "fabric of Bermuda'' and assist the company in its efforts "to attain commercial viability'', the BLDC said in a statement.

To showcase the former Base properties, the development company hosted a tour of four buildings available for lease including a 52,560 square foot warehouse, an 18,300 square foot general purpose building, a 6,615 square foot office facility and an office complex with 29,600 square feet of space.

The tour, held on Tuesday, was attended by 52 real estate owners/agents.

"I think there's a lot of potential there for warehouse and commercial (property),'' Jones Waddington Ltd. president Arthur Jones said. "Rather than exclude local business, they have decided to include the local agents and make use of their marketing skills.'' The BLDC, which has a 131-year lease on the properties through the Base Lands (Development) Act passed by Parliament last summer, could have opted to market the properties itself or put them out to tender.

By bringing local realtors into the marketing, every agent has an opportunity to bring a prospective tenant forward, Mr. Jones said.

But as the Base property is developed, there will be a need to "balance'' lease agreements with the overall plan, he added.

The property is 415 acres, stretching from the playing fields in the west to Marginal Wharf and the flat industrial land to the south along the hillsides of old St. David's to Clearwater Beach in the east.

There are over 130 buildings, not including housing.

The property features industrial sites, retail space, offices, wharfage, a marina, warehousing and commercial development sites ready for leasing and rent, BLDC said.

BLDC CEO Jeffrey Simon said the company is taking a flexible approach to leasing term.

"We have 30 day cancellable licences,'' he said.

The company also had negotiated a 20-year lease with one tenant, he added.

BLDC will also negotiate start up terms in return for a percentage of gross income as the tenant becomes successful.

The company spends more than $2 million annually to ensure systems, like street lighting and storm water drainage, are working smoothly and has committed millions for future capital upgrades. A major upgrade is planned for the sanitary water facility in 1997.

Power is maintained by Bermuda Electric Light Company Ltd. and distributed through local transformers. Some buildings have back up power. Fresh and salt water flushing systems are operational and a substantial amount of fresh water is generated by several large catchments. If needed, there is a reverse osmosis plant.

The BLDC also maintains and operates a recently updated telephone system which provides digital capability to 95 percent of the site.

The BLDC was set up by Government as a private sector company to manage the development and use of four former military bases, Daniel's Head in Somerset, Tudor Hill and Morgan's Point in Southampton as well as the NAS.

About 25 businesses have located operations at the former NAS.