- What An investor group is looking to divest three development properties in Ontario
- Why The properties are available individually or as a package
- What next A buyer could finalize development applications already in the works or pursue alternative paths
A group of investors is looking to divest three development properties in Ontario for north of $37m.
The properties are held by an ownership group under a limited partnership structure with a substantial number of offshore investors. Royal LePage Commercial is marketing the parcels, which can be purchased individually or as a package. A fourth property is under contract.
The marketing campaign notes that a buyer could finalize applications of already proposed developments or look to pursue other development opportunities.
The first property, asking $15m, comprises two parcels in the Township of Essa: 96 acres at 8569 5th Line and 72 acres at 8512 6th Line. It’s being pitched as a residential development site, with a preliminary estimate indicating it can support 941 lots for detached and semi-detached houses, as well as townhouses.
To the west is the Angus settlement area, the town’s primary settlement area, where municipal growth will be directed. It contains a full range of commercial, residential, institutional and recreational uses. Adjacent to the parcel is a residential subdivision, with semi-detached and detached homes and a municipal park.
Development of the site is subject to the approval of the expansion of the Angus settlement area. The property is 14 km west of Highway 400 and Barrie.
A second property, at 40338 Amberley Road in Wingham, is listed for $12m. The 90.9-acre site, 156 km northwest of Toronto, is used for agricultural purposes but is being marketed as a residential development opportunity.
A 2014 development plan was granted draft approval, calling for 454 detached and semi-detached houses and townhouses, plus two parks, trails and stormwater management ponds. If the Township of North Huron’s council and Huron County’s council agree to deem the draft approval not to have lapsed, work could continue to address the outstanding conditions.
The third property, at 34736 Dechert Road in Goderich, is on the market for $10m. The 96-acre lot is used as agricultural land and is surrounded by Highway 21 to the east, Dechert Road to the north, and Bluewater Beach Road to the south. The property is less than a kilometre from Lake Huron and 187 km west of Toronto.
A number of applications were submitted to the Municipality of Central Huron in 2013 in support of a subdivision containing residential uses, commercial uses, parkland, open space, and stormwater management facilities. The applications were closed by the municipality in 2022, and development of the property for a similar use and scale would likely require new submissions.
A fourth parcel, on Highway 26 and Line 3, in Meaford is under contract for a pending sale. The property consists of approximately 380 acres and had been marketed as a development site.
