This week saw an average amount of transactions, with Brantford noticeably slow during August and September.
The most significant transaction for the second consecutive week was a high-density residential land sale in Hamilton. Emblem Developments has purchased its third site in the city, 100 John St. N. and 61 Wilson St. — currently the site of an office and a retail building — for $8 million (approximately $13.8 million/acre). It’s slightly above market value, but this valuation could signify things to come with increasing condo unit values.
In the news, more details have been revealed about last week’s Connolly sale, the Television City condos are expected to be built by 2026, and a study has found that OLT decisions have favoured developers 97% of the time.
The retail asset class continues its return to consistency with a few smaller deals this week.
The largest transaction in Hamilton this week was for 250 Fruitland Rd. in Stoney Creek. This 19.64-acre piece of land sold for $23.562 million (approximately $1.2 million/acre). This is below market value for residential land. However, the parcel appears to be zoned agricultural currently.
Nearby, developer Melrose Investments purchased 4.44 acres for $900,000 ($202,000/acre), which is great value but probably includes more work than the Fruitland Rd. deal.
The largest transaction in the area occurred in Cambridge, where Argyle Capital Partners purchased a 200,000 sq. ft industrial building for $33 million ($165/sq. ft). It’s a slightly large purchase price given the market and size of the asset, but I wouldn’t be surprised if this were fair market value given the way industrial demand and industrial market lease rates continue to grow.
In the news, Emblem launches Hamilton’s largest downtown project, the COA moves forward with a 109-unit development project on Dundurn St., and the website has been launched for the 75 James Condo development by LiUNA.
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