- What An Oakville warehouse sold for less than half of its original asking price
- Why Contamination at the site prevented previous deals from closing
- What next The buyer could utilize the site for a renewable energy operation
A 67-year-old Oakville industrial property that was initially listed over two years ago has sold for $3.2m – less than half of its original asking price, Green Street News can reveal.
UK-based sustainable real estate company TRIG, which invests in solar and wind farms and other renewable energy sites globally, purchased the 16,000 sq ft freestanding warehouse at 2030 Speers Road from Willpak Industries for $200/sq ft. The deal closed in July.
CBRE represented Willpak on the sale, while Mississauga-headquartered Indusite Realty Corp. acted on behalf of the buyer.
Willpak, an automotive accessories maker and retailer, sought $7.2m for the one-storey, Class-C building when it was first put up for sale in early 2022.
But according to Indusite, known contamination at the site scuttled multiple deals after it proved impossible to receive financing for a potential purchase.
The site was again re-listed on a “contingency” basis in early 2024 for $5.6m.
Marketing materials tout the warehouse’s proximity to a future mixed-use development centred around the existing Bronte GO Transit rail station, 1.5 km away.
The building is on 1.69 acres. It has seven loading doors, two drive-in and five at truck level. It has a clearance height of 14 ft.
