Burlington home builder buys Hamilton residential land for $23.5 million
Published July 22, 2023 at 10:21 pm
Branthaven, a family owned home builder in Burlington, has made a significant transaction this past week by purchasing a 19.5-acre parcel of residential land in Hamilton for $23.5 million.
That works out to about $1.2 million per acre for 286 Lewis Rd. in Stoney Creek, slightly below market price, according to Alex Manojlovich, director of strategy and research at Forge and Foster, a Hamilton-based investor and manager of commercial real estate in southern Ontario.
In addition, 1694 Upper James St., a 1.8-acre parcel of land on Hamilton Mountain, was purchased for $4.7 million, or $2.6 million per acre. The buyer was not named.
“This signifies an ongoing pattern where large parcels of land along arterial roads on Hamilton Mountain are being acquired for future development,” Manojlovich wrote in his latest newsletter.
Toronto-based commercial real estate firm Avison Young noted two concepts for 1694 Upper James St.: 126 or 110 apartment-style units in an eight-storey building.
The buildings currently on the prime redevelopment site include a two-storey office building at 4,170 square-foot (excluding the attic), a detached garage at 560 square feet and a single-storey church at 7,000 square feet (excluding the mezzanine). The site is near many amenities and major employers including Hamilton International Airport and Amazon Fulfillment Centre.
“Given the subject land’s location within a community node and along a primary corridor and major arterial road the subject lands present an opportunity for intensification through residential or mixed-use development,” read Avison Young’s brochure on the property.
No further details were immediately provided about the two transactions.insauga's Editorial Standards and Policies advertising