A brand new industrial condo development is planned for a more than 13-acre property in Oakville, just east of the Bronte Creek.
Nicola Wealth Real Estate and First Gulf announced the joint venture last week with the acquisition of 574-576 Bronte Road, immediately south of Highway 403 at the intersection of Speers Road. The development will consist of multiple small-bay industrial condo buildings with units ranging from 2,500 sq. ft to 4,000 sq. ft, said First Gulf President David Carreiro. The intention is for these units to be acquired by owner-users as well as investors.
“This project will appeal to owner-users seeking to acquire a modern industrial unit in a market that is starving for both ownership options as well as new inventory," Carreiro said. "The offering provides users optionality to the rapid and ongoing increase in lease rates.”
The acreage is currently a vacant lot located next to the Oakville Art Society. It is also just a few minutes down the road from the Bronte GO Station. No development applications have been filed with the Town of Oakville as of yet, and details on total square footage, number of units, or design of the development have not yet been released.
Interestingly, this isn't the only joint industrial development the two companies have planned for the area. In June of last year, Nicola Wealth Real Estate and First Gulf filed an application to build two single-storey warehouse and distribution buildings on a 30-acre lot just across the street at 2485 Speers Road. This development, known as Bronte Station Business Park, will span more than 365,000 sq. ft and will be a modern industrial distribution space.
Also in 2021, the two companies acquired an existing industrial portfolio in Burlington, Hamilton, and Stoney Creek comprised of nine buildings totalling roughly 470,000 sq. ft with, at the time, near 100% occupancy.
“We are excited to further expand our industrial development pipeline in Ontario with First Gulf who is a trusted and reputable partner,” Director of Acquisitions at Nicola Wealth Real Estate Ron Bastin said of the Bronte Road project. “The property is situated in a strong industrial node and we look forward to launching a unique industrial condo project, leveraging our experience and success with similar projects in Western Canada. This will be the first of a number of new industrial condo projects we are looking to grow in the GTA and Montreal.”
The two companies are also joining forces on an office development at 1335 North Service Road in Oakville, an industrial development at 880 Avonhead Road in Mississauga, and a 50-acre industrial redevelopment at 10538 Coleraine Drive in Brampton.