- What The Town of Oakville and Rose Corp. each bought land in Midtown Oakville
- Why Area is slated for major development
- What next Midtown could eventually be home to 35,000 people and jobs
Two pieces of adjacent land totaling 36.5 acres in Midtown Oakville have been purchased by separate buyers for a combined $75.2m, Green Street News can reveal.
The Town of Oakville paid $30.2m for a four-parcel assembly totaling 9.1 acres. Colliers brokered the deal on behalf of a private individual. The transaction closed on June 20.
The parcels are at 482 South Service Road East, 566-570 Chartwell Road, 574 Chartwell Road and 562 Chartwell Road.
The assembly houses two small buildings — one of 71,000 sq ft and the other of 6,000 sq ft — offering passive income while the planning process for future developments takes place. Over two dozen businesses currently lease space, according to marketing materials. The annual net operating income of the four-parcel assembly is approximately $450,000.
The parcel is within the Chartwell district node, inside a designated major transit station area. TSAs are generally very close to a transit station and have a minimum density target. In this case, the minimum density target, including residents and jobs combined per hectare, is 200.
Midtown is a centrally located but underdeveloped area. Oakville is planning to accommodate at least 20,600 people and jobs in the area’s 103 hectares. City staff, however, were recently asked to provide a revised consideration for Midtown with a population of 35,000 people and jobs in the area.
The parcel is less than 2 km to the GO train station and downtown. Downtown Toronto is 30 km northeast.
In the short-term, Green Street News has learned that the town plans to maintain and continue the existing uses. In the long term, specific decisions are yet to be made on how the land will be used as part of the planning for Midtown, a spokesperson for the municipality said.
A neighbouring property also changed hands recently. On May 31, Rose Corp., a Toronto-based developer, bought 27.4 acres from General Electric for $45m. The addresses are 420 South Service Road East to 468 South Service Road East.
According to marketing materials, the site previously housed the GE Lighting Lamp Plant, which was decommissioned in 2009 and demolished. The property has been vacant since then, except for the facade of the office building, which was designated in Oakville’s heritage registry in 2011.
The property had been marketed as an investment opportunity for a future high density, mixed-use development of scale, given its proximity to the highway and public transit.
It’s also close to municipal amenities and recreational areas, including Oakville Place, Oakville Trafalgar Community Centre and Sixteen Mile Creek.
