last remaining prime site housing development areas in Bermuda, according to the driving force behind the scheme, Mr. Kirk Kitson.

Mr. Kitson could hardly believe his luck when he stumbled across the news that three-acres of land behind Warwick Pond was up for sale.

"It's a wonderful area,'' he said. "It could be years before another opportunity like that comes up again. I'll certainly not be able to fined another site like that now.'' The development has a lot going for it -- it is surrounded by 16 acres of greenery, is just a ten-minute drive from Hamilton and is close to some of the Island's best beaches. For golf lovers, Belmont golf course is just a hop away.

A new, winding approach road called Olivebank Drive takes residents away from the hustle and bustle of Middle Road into a quiet, enclosed area of houses.

The complex consists of seven three-bedroom units, costing in the region of $325,000, and 32 two-bedroom houses, which are on the market for about $250,000.

Each unit has an area of about 1,100 square feet and there is land at the front and back of each property.

The units were built specifically for first-time home owners who are in steady jobs trying to make a future for themselves and their families.

"I'm delighted with the new development,'' said Mr. Kitson. "It's worked out very well.

"We're bringing in young couples, many of whom have just got married. They have good jobs -- some are teachers, policemen, bank workers, employees at Belco and Telco. They are good, solid citizens.

"The result is we have a very nice community of about 80 people. I'm very proud of the whole thing.'' A company called the Olivebank Development Company was behind the project. It is jointly owned by Mr. Kitson and Canadian firm Crown Life, which has a non resident insurance undertaking (NRIU) in Bermuda.

Kitson and Co., the selling agent for the Olivebank Townhouses, has represented Crown Life in Bermuda since 1947.

"Crown Life is responding to the call of the Finance Minister for NRIU's to place some of their longer term money in Bermuda in the form of mortgages,'' said Mr. Kitson, who is president of Kitson and Co.

"The provision of long-term financing by Crown Life enabled our bankers to feel reasonably comfortable with the lending to cover the construction.'' The main contractor for Olivebank Townhouses was Burland, Conyers and Marirea, which Mr. Kitson has used on three development projects, including the highly regarded Paget Townhouses development.

"They have always done a good job,'' he said. "I would like to especially thank BC&M's superintendent Mr. Alf Maybury who I have found to be extremely competent and very good with his men. He always gets the best out of them.'' The Olivebank Townhouses development took three and a half years to be completed from the time Mr. Kitson bought the land, without planning permission, in May, 1988.

Obtaining planning permission proved to be the most difficult obstacle. It was originally expected that permission would be given inside two months of an application being laid down, but in fact it took 14 months.

"In the end we got approval for 39 units instead of 40, but everything has worked out fine,'' said Mr. Kitson.

Excavation work finally started in the winter of 1990 and construction was completed in November, 1991, six months after the first occupier had moved in.

Mr. Kitson praised the work of the project's architect Mr. Harold Conyers, of Barker and Linberg. "He did a great job'' said Mr. Kitson.

He also singled out for recognition Mrs. Barbara Lee, a selling agent for Kitson and Co., who worked against the odds to find occupants for the townhouses at a time when the market was in a depressed state. Premier the Hon. Sir John Swan will officially open the Olivebank Townhouses development on Saturday.

MR. KIRK KITSON: A golden opportunity.