A sprawling, two-phase industrial condo development is coming to Brampton’s Highway 410 corridor, and given the scarcity of available space in the GTA, the site should be well coveted.
Comprising approximately 750,000 sq. ft across five buildings -- including 106,000 and 317,000 in the first two buildings of phase 1 -- the Heart Lake Business Park will be well situated indeed, a major selling point. The site, which is a co-development between Fiera Real Estate and Berkshire Axis, has access to Highway 410, and -- should it become green lit -- the controversial Highway 413 is to be located about 10 km to the north, connecting it to the 427 as well as the eastern GTA.
According to Fraser Plant, Executive Vice President at Cushman & Wakefield, which has been responsible for finding Heart Lake Business Park’s tenants, the site is one of the last greenfield developments of such scale in the regional market.
“It’s also situated in an area with a large labour force and it’s a few minutes from Caledon in the heart of Brampton,” Plant said. “Brampton has been a well-established industrial pocket for the last 15 or 20 years, and intensification along Queen Street definitely helps. This site could be used as last-mile hubs servicing a dense, urban, suburb with a large concentrated pool of residents.”
“It’s definitely one of the fastest growing areas residentially. Lots of big homebuilders have land in the area -- the Matamys, Greenparks, Country Homes -- and there are thousands of homes in the area,” said Frank Tullio, Sales Representative with commercial brokerage Spear Real Estate. “There will be a fantastic labour force here once it fills in, plus with the highway access you can draw upon people from Brampton, Caledon, York Region, who won’t have trouble accessing this industrial area.”
An auspicious future lies ahead, he added, given low vacancies throughout the GTA.
“North Peel is really on the rise, with a lot of development and industrial and residential pockets. It will be a very busy area within the next 10 years.”
The units are described as industrial condos and come as small as 3,000-5,000 sq. ft or as large as 40,000-60,000 sq. ft. According to Cushman & Wakefield Executive Vice President Michael Yull, firms in the e-commerce field will drive tenancy, especially in the larger units, and the company has mandates to secure long-term leases typical of the industrial space.
“Were going to do longer leases of 10-15 years, depending on the type of use going into the building.”
The first phase is slated for delivery during the first quarter of next year.