- What Newly built mixed-use complex in Gatineau valued at around $48m
- Why Stabilized income, assumable long-term debt and commercial upside
- What next Colliers has the sales assignment
Carré British Square, a mixed-used property in Gatineau, Qué., has come to market with pricing guidance of $48m, Green Street News can reveal.
The property, in the Aylmer district, encompasses 85 apartments and 33,000 sq ft of commercial, retail and hotel space. Based on net operating income of $1.9m, a buyer’s initial annual yield at the estimated value would be just under 4%.
Colliers has the marketing assignment for owner Belmont Properties.
Built in 2022, the property at 71-79 Rue Principale features 85 apartments that are fully leased, and 33,000 sq ft of 95%-occupied commercial, retail and hotel space. The sales pitch is touting that the building quickly reached stabilization and is expected to see revenue rise by 2.5%.
The residential space comprises six studios, 54 one-bedroom apartments (two with dens) and 25 two-bedroom rentals (two with dens). Amenities include a rooftop pool, fitness centre and 82 underground parking stalls.
Large tenants in the commercial space are The British Hotel (3,100 sq ft) and its bar/restaurant, The Gold Room (2,300 sq ft); JB Construction (1,850 sq ft); Studio Bohème hair salon (1,400 sq ft) and Mahaba Wellness (500 sq ft).
The site – which fills the block between Rues Principale, Parker, Symmes and Bancroft – is 25km from Gatineau-Ottawa Executive Airport and 2.4km from Highway 148.
Carré British Square is being offered with assumable financing of $24.6m at a 0.9% interest rate. The debt, originated in January, has a 50-year amortization schedule.
Belmont Properties is a private real estate investment and management company focused on multifamily and mixed-use assets in Québec. The offered property is said to be part of routine portfolio management.
