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Auction | Multi-Family Available

MULTI-RESIDENTIAL REPOSITIONING OPPORTUNITY

81-87 BASE LINE ROAD WEST
LONDON, ON N6J 4Y5
Canada
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Key Features
  • EXCESS LAND - INTENSIFICATION OPPORTUNITY
  • • The site benefits from a rare OP designation of Residential High Density
  • • Excess land, separately titled, will support construction of new 60-unit dwelling
  • CONDO TITLED UNITS WITH LIMITED EXISTING OCCUPANCY
  • • Each unit is condo titled, reducing risk and providing optionality for exit strategy
  • • 8 vacant units with expectation for several more vacancies prior to closing

CONVERSION BACK TO MARKET RESIDENTIAL USE

• Property was developed in 1998 using concrete construction as purpose-built market rental building and subsequently repositioned as independent living facility

• Opportunity to convert back to market rental building which is highest and best use • Ancillary services associated with independent living offering to be wound down by Vendor, with obligation to provide services lifted prior to closing

• Minimal in-suite capital expenditure required for market rental conversion • Current in place rental rates of $1.80 per square foot per month which is in line with market


STRONG MARKET FUNDAMENTALS

• The rental market in London Ontario continues to be under-supplied. According to CMHC, the vacancy rate for purpose built rental and rental condominium apartments in London is only 1.9% and 0.3% respectively

• CMHC Average Market Rents (AMR) in London are 24.73% lower than those of the GTA

• London AMR has increased on average by 4.93% per year over the past five years with accelerated growth projected in the medium term

Brokers

Geoff Roberts
Geoff Roberts

Associate Vice President
Toronto, Canada

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