The City of New Westminster has sold the historic Merchant Square office tower for $36.5 million. The office tower, which is under construction on top of the Anvil civic centre in the city’s downtown district, has been sold to 777 Columbia, a company jointly owned by Kingswood Capital and Duke Holdings. Kingswood Capital is majority-owned by Vancouver businessman and philanthropist Joe Segal.
“The sale of the office tower at Eighth and Columbia is a significant part of our vision for the city’s economic development and revitalization of the downtown core,” said Mayor Wayne Wright, in a statement Tuesday.
The purchase price for the office tower is $36.5 million.
As part of the agreement, the buyer has assumed responsibility for tenant improvements and leasing of the nine-storey, Class A, targeted LEED Gold office space.
The city said it will no longer require the $9.5 million previously budgeted for the office tower. Merchant Square has a total of 137,000 square feet of office space that will be completed in the spring of 2014.
New Trends in Condo Buying Emerging in the Toronto Area
A few new trends to watch out for in the Toronto area when it comes to buying homes as well as buying condos. When it comes to buying homes, the latest tactic is to put a property which had previously been listed on the MLS system, on a bidding site, or list through an auction house to get buyers, sending the price of single detached homes soaring.
As for condos the latest buying technique is the new trend with regards to micro housing, or micro condo living. And we’re seeing now, specifically designed condos to meet that purpose. Another new trend to look out for is the lack of supply in the purpose built rental housing market in Toronto. Even as new condos come online there remains a shortage of apartments built specific to that purpose, so condo rentals have increased even as vacancy climbs, rentals rates do as well.
Busy Condo Market Boosts Toronto Home Sales
With fewer homes in the detached category available in Toronto, new home buyers seem to be opting for new condos, with sales heading forward at a rocket pace last month. Sales of Existing Homes in the Toronto area moved up by a whopping 2.1% in February 2014, and that is compared to the same time period last year. That was mainly due to a 12.5% increase in the sales of condos within the city so stated by the Toronto Real Estate Board. That will contrasts with the sales declines that occurred in townhomes, detached and semi-detached housing during the month, which was mainly due to a constrained supply of those housing types.