- What A private owner has floated 1 Elizabeth Street in Orangeville, Ont.
- Why The property includes a half-acre of excess land
- What next Colliers has the assignment
A medical office building in Ontario is on the block for $6.5m, Green Street News can reveal.
Colliers has the assignment for 1 Elizabeth Street, in Orangeville, on behalf of a private owner. The valuation for the 22,000 sq ft building is $297/sq ft.
The vendor completed the building in 2013. It’s fully leased to four tenants: Orangeville Family Medical Centre, Jeffers’ Pharmacy, Dufferin Area Family Health Team and the Canadian Mental Health Association. The weighted average lease term is 4.2 years. According to marketing, it’s one of only three medical buildings in Orangeville.
The building generates $404,495 in annual net operating income, translating to a first-year capitalization rate of 6.2%. The 2-acre property includes a paid parking lot which generates approximately $5,000 in additional income. There are 148 spaces.
There is a half-acre of excess land on the west portion of the property, presenting an opportunity for commercial or residential development.
The vendor has architectural plans for a three-storey development on the site, with a gross floor area of 26,500 sq ft, which would create 30 residential units as well as main floor parking. The property is currently zoned Institutional, which allows for a six-storey building with a gross floor area of 53,000 sq ft. That scale of development would require an underground parking garage.
1 Elizabeth Street is within 2 km of Headwaters Health Care Centre, Highway 10 and County Road 109. Orangeville is 65 km northwest of Toronto and 60 km southwest of Barrie.
