- What Mattamy Homes has purchased a 14-acre development site in Guelph for $50m
- Why The site is approved for a large mixed-use development with commercial and residential components
- What next Mattamy obtained a $25m vendor take-back loan from the seller
Mattamy Homes has purchased a 14-acre mixed-use development site in Guelph, Ont., for $50m, Green Street News can reveal.
The vacant parcel at 132 Clair Road West has been approved for the construction of a corporate business park, a community shopping centre, stacked townhouses and apartment buildings. CBRE had the listing.
The sellers, a group of private investors, initially proposed the development in 2015, revised it to include the residential component in 2018 and received approval from the Local Planning Appeal Tribunal, now the Ontario Land Tribunal, in 2021 after the City of Guelph failed to make a decision within the regulated timelines.
Multiple offers came in for the site following a 60-day tender process. Mattamy paid 50% of the purchase price in cash and received a $25m vendor take-back loan to complete the transaction, which closed on June 24.
It’s unclear whether Mattamy plans to move ahead with the development plans as is or will seek further revisions.
The property is in southern Guelph, just east of Highway 6. It is near other retail plazas along Clair Road, including the Clairfield Commons mall, which is 350 m away and home to a Food Basics grocery store, restaurants, a dental office and a Petsmart.
Guelph has seen a handful of other large transactions over the past 18 months. In March 2023, warehouses at 45 Quarterman Road and 7474 McLean Road West traded for $111m and $141m, respectively, according to Green Street’s Sales Comps Database.
The following month, an office building at 130 Macdonnel Street sold for $26.9m.
