- What A portfolio in St. John’s with redevelopment potential is on the block
- Why Hardman Group is offloading the assets following multiple executives retiring
- What next Colliers has the assignment
A portfolio of residential and redevelopment sites in St. John’s, N.L., is on the block with pricing guidance around $35m to $40m, Green Street News can reveal.
Colliers has the marketing assignment for the three-property portfolio on behalf of developer Hardman Group. The properties are along Duckworth Street in the city’s downtown and comprise a 71-unit apartment building at 345 Duckworth Street, the former CBC office building at 342 Duckworth Street and a MetroPark parkade at 330 Duckworth Street.
The apartment building, dubbed Mix Apartments, is fully tenanted. Units comprise one- and two-bedroom suites. The building has in-unit laundry and a social room, as well as three ground-floor commercial units. Two of the units, spanning 10,000 sq ft, are vacant.
The Mix building was previously an office building that was home to the Newfoundland Telephone Co. It was redeveloped in 2015 with the addition of three floors and a 17,000 sq ft wing.
The former CBC building, now known as the Marconi Building, is on a 13,000 sq ft lot across the street from Mix. The vacant midrise has redevelopment potential and could be turned into a 50-unit residential building or a hotel with up to 140 rooms.
On the adjacent lot, the parkade rises five storeys with 392 spaces. It was constructed with future development in mind and can accommodate an additional five to eight storeys above with 50 or more residential units.
The properties are in a central downtown location, roughly 200 metres from St John’s Harbour. Restaurants, gyms, hotels and entertainment venues are all nearby.
The Hardman Group, a Halifax-based developer, decided to list the properties following the retirements of several of the firm’s executive members over the past few years. As a result, the firm does not have the team in place to oversee the proposed developments.
The properties have drawn interest from multifamily investors, developers and hotel groups. The portfolio presents an opportunity for a partnership between two or more of those parties.
A bid date has been set for May 7.
