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
