(Update: This property is currently under contract. For similar opportunities, please contact me at 519-772-4376 or via email at Benjamin@BenjaminBach.com)
You’ve probably heard that when you’re investing in real estate remember these three words: Location, Location, Location.
I’m reviewing a very interesting package regarding a development parcel in Oshawa Ontario, across from Durham College and UOIT, ‘Canada’s newest University.’ There are 13,000 full time students at the College and University combined, and the land is directly across the street from the two schools.
A bit of info about UOIT, from the package:
-Over 5,000 students are enrolled at UOIT for the 2008-2009 academic years. Enrolment is expected to rise to
6,500 students by 2010.
-UOIT has one of the highest rates of professors with PhDs among Canadian universities.
-UOIT will generate an estimated $1.09 billion in personal income between 2005 and 2011 through construction,
capital projects, employment, and other operating expenditures. Most of the income will be spent locally on
housing, taxes, and goods and services.
The two development parcels are a combined 2.34 acres, or 0.946964403 hectares. The zoning allows for 85 units per hectare, meaning that 80 4-bedroom units can be built (over 2 parcels of land). Full development of the vacant land to it’s ‘highest and best use’ would yield 320 student rental rooms. (this info is provided via the seller, and we would verify this information with the city and other authorities prior to proceeding with an offer).
“As Canada’s newest University, UOIT is undergoing explosive growth and experiencing difficulties in bringing enough suitable off campus housing on line to meet the demand. There are a couple of proposed student housing projects along Simcoe Street, however it is clear that [this development parcel] presents the premier opportunity to meet the growing demand for UOIT and Durham College Student Housing.”
This may be a great opportunity for an investor/developer to buy a prime piece of real estate and build student housing on this ‘centre ice’ location.
Please contact me for more information at 519-772-4376 or via email at Benjamin@BenjaminBach.com
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