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Renderings for the Radio Arts building, which is set to begin construction in November at 206 King St. W. in Hamilton.

Radio Arts condo development to begin in November

This week witnessed below-average transaction volumes. However, there was a variety of noteworthy deals.

This week’s largest transaction was in Hamilton, where Guido De Brès Canadian Reformed High School Society purchased a former elementary school for $15.5 million ($175/sq. ft). That price is in line with a former school in Dundas that sold two weeks ago.

In the hospitality sector, Big Coffee Inc. purchased the former Masonic Hall in Dundas for $1.65 million ($332/sq. ft), and Radius Hospitality Corp. picked up 18-20 Hess St. S. for approximately $2.3 million ($446/sq. ft).

Also of note: local firm Effort Trust purchased 37.75 acres of vacant land in Thorold for $4.7 million ($124,000/acre).

In the news, the Radio Arts condo development will start construction in November, Hamilton saw a big drop in per capita municipal spending, and Canada will fund a rent-to-own program as part of its $2 billion housing plan.

The GHA Sales Transaction Database offers you this week’s CRE transaction activity.
News Headlines

Plan underway to remove 206 King St W building debris, Radio Arts development to commence November
CHCH News, September 4, 2022

Hamilton sees big drop in per capita municipal spending 
The Hamilton Spectator, August 27, 2022

MLS ® Residential Market Activity for REALTORS® Association of Hamilton and Burlington Areas
August 2022

Canadian universities rushing to address student housing shortage
The Globe & Mail, August 28, 2022

Revised plan for Schneiders site in Kitchener includes 12 new buildings, 2,400 rental units
The Record, August 26, 2022

Three highrises more than 500 rental apartments proposed for South Kitchener
The Record, August 31, 2022

Labour shortage has Canada planning to pick and choose immigrants 
The Financial Post, August 31, 2022

Canada to fund rent-to-own program under $2 billion housing plan
The Financial Post, August 30, 2022

New Horizon Development plans to build 1,341 units at 1842 King St. E., where a Brock University satellite campus once operated.

Alex Manojlovich’s Weekly Market Report: Hamilton Council approves 1,341-unit condo development

New Horizon Development plans to build 1,341 units at 1842 King St. E., where a  Brock University satellite campus once operated.

 

This week witnessed a good volume of deals, which is to be expected when entering a new month. It’s great to see this pattern holding even when the current level of CRE transactions appears muted overall.

This week’s largest transaction was for an industrial building near Stelco in Hamilton. 460 Sherman Ave. N. sold for $19.9 million ($161/sq. ft). It’s a good price all around, considering the location and size of the asset.

In Stoney Creek, a former elementary school on 5.87 acres at 299 Barton St. sold for $5.3 million ($900,000/acre, $134/sq. ft). The site is adjacent to industrial properties, so it’s uncertain if it will remain zoned as institutional or if it will be rezoned as industrial. The price point meets market valuations for both asset classes.

Multiple office transactions took place this week, which is great to see. Over the last few years, it’s been very rare to see office transactions outpace land and industrial transactions.

In the news, Hamilton City Council approved a 13-storey condo building on a former Brock University site, Mission Services is leaving their James St. N. location in Hamilton’s downtown, and Sierra Supply Chain Services has opened a state-of-the-art, $65 million processing facility in Hamilton.

The GHA Sales Transaction Database offers you this week’s CRE transaction activity.

I hope you’re enjoying your summer! I’ll be off next week, so look for your next Market Update on August 30.

News Headlines

Condos to rise on 13 storeys on former east Hamilton university site
The Hamilton Spectator, August 11, 2022

Mission Services leaving longtime downtown James St North location
The Hamilton Spectator, August 14, 2022

Residents, developers clash over height of Jamesville project
The Hamilton Spectator, August 11, 2022

Ancaster’s Wilson St to get another townhouse development
The Hamilton Spectator, August 15, 2022

Hamilton median household income increases 14% in 5 years
Invest in Hamilton, August 8, 2022

Councillors OK controversial Stoney Creek warehouse
The Hamilton Spectator, August 15, 2022

Sierra opens state-of-the-art $65 million facility in Hamilton 
The Hamilton Spectator, August 08, 2022

Ontario set to introduce ‘strong mayor’ legislation to speed up housing development
CBC News, August 10, 2022

Toronto to receive new McMaster campus by year end 
Storeys, August 9, 2022

Developers criticize Toronto development fee increase
CBC News, August 9, 2022

New complete community could add 3500 homes, schools to Kitchener’s Western edge
The Record, August 10, 200

Office Report Q2 2022
Whitney Commercial Real Estate Services, Waterloo Region

Despite low unemployment rates, labour shortages persist in Canada
The Toronto Star, August 10, 2022

Exceptional Office Space for Lease

This turnkey office space offers prime exposure and a fantastic opportunity for signage on the main artery Wellington St. N. at Ferrie St.

The location’s well suited to medical professionals because of its proximity to the Hamilton General Hospital and the Ron Joyce Children’s Health Centre. (It’s just 300 metres away!)

This ample space in the downtown core includes:
— reception
— boardrooms
— private offices
— staff lunchrooms
— a wide, open riser stairway
— washrooms on both floors
— nearly 9,000 sq. ft available across 2 units

PRICED AT JUST $6+/SQ. FT!
This historic building was part of the Sawyer-Massey Agricultural Plant and previously housed the Gold Book Business Directory offices. Now, it’s graced by a mural of Nikola Tesla by sensational local artist Lester Coloma. The portrait celebrates that Hamilton was the first city in Canada to receive widespread electric power, which attracted innovative industries.

Set up your business here
& carry on this address’ legacy of innovation.

Please e-mail us at leasing[@]forgeandfoster.ca or call 289-203-6054, and we’ll schedule a private tour for you at your convenience.

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