Unique industrial condos to be built on recently purchased Oakville development site
Published May 10, 2022 at 10:18 am
An Canadian investment firm and local developer are teaming up to build unique industrial condos in Oakville similar to those in Western Canada.
Nicola Wealth Real Estate (NWRE) and First Gulf together purchased 574-576 Bronte Rd. will build multiple small-bay industrial condo buildings on a 13.4-acre property south of Highway 403 on Bronte Rd. at the intersection of Speers Rd.
“We are excited to further expand our industrial development pipeline in Ontario with First Gulf who is a trusted and reputable partner,” says Ron Bastin, Director of Acquisitions at Nicola Wealth Real Estate. “The property is situated in a strong industrial node and we look forward to launching a unique industrial condo project, leveraging our experience and success with similar projects in Western Canada.
“This will be the first of a number of new industrial condo projects we are looking to grow in the GTA and Montreal.”
The two Canadian businesses have also teamed on several other projects including the Bronte Station Business Park. Located immediately across Bronte Rd., that development property has over 365,000 square feet of modern industrial distribution space.
With the 13.4-acre property on the corner of Bronte Rd. and Speers Rd., NWRE and First Gulf are looking to build small-bay condo buildings with units ranging from 2,500 to 4,000 square feet.
“This project will appeal to owner-users seeking to acquire a modern industrial unit in a market that is starving for both ownership options as well as new inventory,” says David Carreiro, President of First Gulf. “The offering provides users optionality to the rapid and ongoing increase in lease rates.”
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