Downtown Real Estate Update – July 2018

With the sale of the old Curling building on Queen and the plans to build Condos there (see link below), I asked myself, what else is for sale in Downtown Cobourg?  Quite a number of buildings are on the market – many with tenants – so in that case, there may not be any visible change when they are sold.  In my survey, the first thing I noticed is that the building at 101 King West, which was the Milestone Boutique, has now changed hands: Milestone moved to Port Hope and a Port Hope business took their place in Cobourg.  The new business is Raw Animal Diet Inc. and they sell raw pet food which they believe is better for pets – certainly more natural.

Raw 101
Raw 101

“Raw 101” is currently open although their grand opening is not scheduled until August 25 – they were previously operating out of their Port Hope home but they chose this location to grow the business (photo at right).

  • Division and Albert Corner – known as 9 Albert Street and 173 and 185 Division street.  This is prime land and would probably be redeveloped in some fashion.  The asking price is $1,300,000.
  • Corner of Division and Charles.  This location has a luxury house, a small separate apartment and a summer ice cream business (Harbourlight).  You can have it all for $2,999,000.
  • Craft House and the Loft at 201 Division Street – this property is currently owned by Harden and Huyse but they moved out in favour of the Craft Food House.  The building (only) is up for sale at $1,050,000 
  • 1 King East – the retail space was most recently used by TVM group to sell the Harbour Breeze condos at the Legion property.  (There’s only one left unsold – asking price is $464,900).  The second floor space at 1 King East provides for a licensed billiard establishment.  The main floor is available for lease at $12/sq ft – either to one tenant or subdivided.
  • 2 King East.  The developer, McDane has not been able to get any takers for many years.  They are pushing a project called “Cobourg Village Square”.  Originally this was promoted as a Condo project with ground floor commercial but now they are simply trying to lease commercial suites.
  • Corner of Third and King (73 King West) – the 6 ground floor commercial units and the 8 upper floor apartments seem to all be occupied.  The Town’s listing of available buildings includes this building but no prices are available.  I suspect it has been sold.
  • 41, 43, 45, 47 King West – owned by Mr. Fung Louie, owner of the Midtown restaurant.  Apart from the unit at 47 King W. occupied by the Buy and Sell business, these buildings are in poor shape – at least to look at.  They all have space for apartments on the upper floors but I believe they are unfit and not occupied.  The asking prices are:
Address Retail space Total space Asking
41 King West 2,000 sq. ft. 6,000 sq. ft. $549,000
43, 45 King West 2,762 sq. ft. 8,633 sq. ft. $599,000
47 King West 2,200 sq. ft. 6,600 sq. ft. $649,000
  • 9 King Street East – 3 leased retail stores, second floor with 3 vacant but newly renovated apartments (1 Br, 2 Br And 3 Br). Total Retail Area 2,950 sq. ft., Total Apartment Area 2660 sq. ft. Asking price is $798,000.
  • Quigley lot at 202 Second street – the most recent building on this site was the Quigley Hardware store but it is now vacant and used as a Town parking lot.  A condo development for 34 Townhomes was approved for this location a few years ago and salesman Grant Gibson is hoping to find a developer who will proceed with the project. (Architect’s view of development here). The asking price is now $2,800,000.
  • Sarby’s – the large store at 52 King Street previously occupied by the Sarby’s department store was recently sold to Yossi Rappaport and his partner at Kest and York Development Inc. as described in the post on the “Start Here” program.  A year ago, the asking price was $1,199,000.  They are now looking for one or more tenants.

Although some of the ex John Lee properties at 79 King West are for sale and others are occupied, I was not able to figure it all out – sorry. However, I did notice that the Heaven on Earth Spa location has been taken over by Royal Spa – but they have been there for a while.

A number of people believe that a prerequisite for Cobourg’s Downtown to thrive, the number of people living downtown has to increase.  Several of the above properties have unoccupied apartments or there are plans to build condos on them.  This points to a solution to the downtown vitalization problem.

Note that the above is my assessment as of today – if you are interested in buying or leasing, please contact a Real Estate Agent.  The above is simply for information about Cobourg’s Downtown.

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perplexed

The Park was about to start work and clean up I had seen several contractors in there
on my usual morning walk about
so I asked whats up and the reply was pricing and estimating the job for some new
Mixed use idea the owner had been planning for quite some time —– But as I understand it the whole idea has been mothballed
now that the only historic and adequate — close proximity parking has been Sold out from under them

No way

Does anyone know what happening at the Park ?

John Lee

With the Town selling the nearby above ground Car Park for Development that probably put a nail in its coffin If the Park Theatre is to be used for its original purpose. That leaves only King St. Parking for the Park Theatre, the Oasis and the new grocery store in the Old MacGregors.

Stewey

Correct me if I’m wrong, but I recall all of the parking spaces in the municipal lot will be incorporated into the new development.

Jake

I think a reason for more people not moving into the downtown area is because of all the damn festivals, sidewalk sales, music events and street closures. Then if you do live downtown you have to clean the damn mess up in front of your building because the damn town or DBIA couldn’t care less. How about we start putting on a music festival for 10 hours in front of the mayor’s house or the DBIA’s house and see if they really think it is a wonderful experience. Why are the “residents” of downtown living not considered when all this crap is going on to bring people to the downtown. Glad I moved out when I did .. to Port Hope, where it is a beautiful town, quiet and surreal and Canada’s Small Town place to live !!!!

Pierre

Jake, hope you enjoy Port Hope.

perplexed

It seems to be a thing of the past ( Down Town Shopping ) in a few Towns– Cobourg & Bellville But not so in Picton ,Napanee , Kingston then go the other way to Port Hope , Port Perry , BraceBridge, Huntsville With the exception of Kingston all are similar in size with some sort of Big Box shopping on the perimeter some don’t have a beach or even a Hospital like ours . So whats the Problem ????????????? To find out you must go spend a day or wk end investigate The Rentable stores and old down town store fronts are Beautiful in and out They don’t Wrap their windows to hide yrs of Neglect and wear No they Display their Wares as I have said in the Past . These stores are Clean Renovated Fresh Smelling Tenant Ready with updated Power and HVAC sys. & High efficiency windows . Ours aren’t ! In small town Ont with a limited & seasonal market the rents must be reasonable and sustainable for tenants especially if the tenants pay the landlords TMI Tax – Maintenance – Insurance and the utility they consume on top of the rent which is the… Read more »

perplexed

As a Professional in the Real Estate field may be she can give us her opinions as to why this communities Down Town is in such SAD shape , why it so hard to rent anything here and why none of the new business seem to stay very long Taxes ? Parking ? conditions of the buildings and the cost to operate ?
What ?

Susie-Q

I was in Belleville yesterday and noticed that they too appear to be experiencing empty stores along their main street. I wonder if part of the problem is that people prefer to shop at the big box stores or malls which are in their town. Also, I think more people are choosing the convenience of online shopping. Unfortunately, times have changed and there are many main streets throughout the province that have been impacted. I think for the most part, restaurants do better. Just my opinion.

Jake

Yup you’ve nailed it. Unfortunately reality is……downtown shopping is a thing of the past. Shoppers like decent prices and free parking at big box stores OR the convenience of shopping online. Thats it in a nutshell. Sooner or later even though it hurts, you have to face facts and move in a different direction. So close off King from Division to George, make it a pedestrian mall, promote and encourage cafes, restaurants, bars, maybe a fruit and veggie market, arts and culture, spruce it up with planters, tables and chairs and give the throngs of visitors that come to Cobourg especially in the summer, something to walk up to King for. Everyone has to eat. There is so much potential to make the downtown a happening spot and as the saying goes….where theres a will, theres a way.

manfred s

“Shoppers like decent prices and free parking at big box stores” – this reminds me of one particular phrase I heard muttered by those same shoppers way too often, (during my later years in business). That phrase went something like ‘I’ve looked everywhere (meaning all the big-box stores) and haven’t been able to find this and here you have it, who would have thought’. Because so many things are not high-volume items, you won’t find them in big boxers, and when you do find them, they seem to cost more. That’s because it costs more to carry them for just the time when you want them and not having the time to order and wait for them. This is just one reason why downtown shopping will always be with us even perhaps at a smaller scale than one we have been able to support in the past. the other point that I feel needing to be made is the quaint concept of a “pedestrian mall…” as a viable replacement for a healthy business-oriented main street. Operating costs of every business downtown continue over all 12 months of the year yet this utopian concept can only provide sufficient revenue for perhaps… Read more »

Fact Checker

Now you’ve done it!
You’ve asked a hard question that nobody wants to deal with because that would mean looking at the truth instead of the the vision of Utopia that our civic leaders espouse.
Are you sure that you can handle the truth…whatever it might be?

Denise Liboiron

Part 1 of 2 The King George Mews is a mixed-use residential and commercial Condo development (owned by a company which includes more than John Lee, but he is one of the owners.) It is easy to sort out ~ if you look on Realtor.ca or call or stroll by the windows : ) I’ll clarify here. I am the listing real estate rep. The signs are in all the windows showing all the remaining Commercial Condo units which are now both For Lease and For Sale. The feature sheets are in all the windows above the signs and describe the square footage, commercial taxes and condo fees. Or you can check the public MLS/Realtor site or my website deniseliboiron.com Most of these commercial Units have a 79 King St W address with a unit number beside 79. A few use their former street number address but are still part of the overall 79 King St W condo address. 4 Commercial units st the Mews have been sold to buyers other than the developer over a year ago. There were 10 commercial units in the original King George Mews commercial mixed-use development. All were rented originally by the original developer… Read more »

No way

You have to be out of mind to have any dealing with anything that John Lee has touched

John Lee

NO WAY…….are you a NOBODY a know nothing & likely out of your mind. Has anyone done so much to develop downtown as our Group of International investors. The King George Mews was a collection of 7 slum dumpy shops & a large ex Cherneys 20,000 sq. ft. furniture store with a broken down Jackson House on Albert St. Some of these buildings were owned by Rotary members & Town Elite. The rear was a mud patch right out of World War 1 Trenches and even the old Quigleys lot looks much better. LOOK AT 79 – 91 King & 86 Albert NOW. Look on King St. & go around the rear on Albert. Time for naysayers to shut up & go after the people running (or ruining) our town. The people that brought us the nice $1,000,000 annual loss maker. The Cobourg Community Centre. It was supposed to be Revenue Neutral! The Town Council let the main L.C.B.O. move out of town probably to save the Mall. THERE WAS A TOWN BY- LAW WHICH REQUIRED THE L.C.B.O. STORE TO BE ONLY IN THE DOWNTOWN. THE LOSS OF THE L.C.B.O. GUTTED THE DOWNTOWN. NOT JOHN LEE. The Council allowed the… Read more »

Ben

Don’t worry about the poster John, he doesn’t even have the guts to use his own name and has the balls to name you – well done for the rebuttal!

Wally Keeler

I concur Ben.

No way

There a good reason his stores are empty

Wally Keeler

there is a good reason why the tenement/store on the north/east corner of King/Division has been derelict for over a decade. Broken windows, wooded up windows, crappy sand-blasting, incompetent window frame painting, etc etc. The For Sale and For Lease signs are no longer up, perhaps at the failure of the individuals whose names appeared on those signs to rent or lease it.

So yes, let’s start with this egregious building dominating the main intersection of Cobourg. There is a good reason this has continued for over a decade.

Denise Liboiron

Part 2 of 2 Moving west is Unit 83 previously sold and that owner has had it leased out for a few years to Tropical Delights. They just decided to close and sell at festivals and so on instead. Next is the two available stores Unit 85 & Unit 87 which are sweet little storefront shoppes. May have one of those taken ~ will know Monday. Still going west is the white-painted store (formerly Heaven On Earth) at 89 King St West. It is now home of The Royal Spa on King. This Commercial storefront condo was sold over a year ago to a person from Toronto who has leased out the spa. It is nicely renovated. A bright, fresh space now opened for business. They offer Facials, manicure, pedicure, massage, esthetician services, saunas, microdermabrasion, etc. Then next west is the very very happening and busy The Rustic Bean Coffee Co which is painted black at 91 King W. It has become a happy hub for the Downtown. The owner also purchased the next west adjacent unit 91.5 which they have been using for office space ~ and ~ spoiler alert ~ will be opening a new additional business in… Read more »

Curious

Denise – to be clear, units 85 and 87 lease for less than $600 per month + TMI?

Denise Liboiron

May, oui! An amazing deal for the space and decor and location. I am close to sealing a deal on a lease for Unit 87 today though, so that one may be gone.

Wally Keeler

good going.

Curious

Which one is still available Denise?

CiW

What the town really needs to re-vitalize ( forget this “vitalize” stuff. We all know that we need to re-vitalize ) is industry. The closing of Kraft ( General Foods ) and general Electric and the down-sizing of General Motors has taken a lot of money out of town that has not been replaced. Maybe the marijuana industry will infuse the town with a bit more cash.

Albert

Why is it that Mr. Fung is sitting on these derelict buildings?

Ben

because he can and nobody wants to pay him his price

Denise Liboiron

Hmm left a great update about clarifying what 79King West units are available for lease and for sale on this article this morning ~ before I retype it all, did you delete it for any reason or was it a techno glitch? I’ll redo just did not want to bother if there was some reason the blog didn’t want the update on here. Thanks!

Small Town Lover

A lot of digging at the property on the corner of King and Tremaine Street. Did the Town buy it? I read another park will be going in at the back. It has been a real eye sore for many years.

cornbread

If the Town bought this property, it should put some of their abundant summer staff to work on cutting the what seems to be grass surrounding the building. For the past many years it has been kept like a tall weed garden even though residents in the area have placed many requests to the city to improve the appearance of the grounds.

Also, while I’m at it…Tremaine Street remains to be one of the worst paved streets in Cobourg…requests to “smooth it up” over the past 15 years have resulted in no action from the town. I invite all councillors to drive down Tremaine at the legal limit and experience the “joy ride” that awaits them. Trying it in a ambulance might be a better comparison.

Bryan

Perhaps reallocate money to be used to install unwanted side-walks and use the funds for something clearly needed

Durka

Who doesn’t want sidewalks? Do some lazy property owners speak for the whole town?

Cobourg Person

Of course some lazy property owners do not speak for the whole town! That’s why we have the CTA! Their 350 members speak for the entire town 🙂

Albert

350?
According to Lydia Smith 180

Fact Checker

Old news Albert. As recently indicated, the CTA’s supporters number about 220

Stewey

Or about 1% of the population…

Dubious

Or 5% of the families.

Albert

Do you count the members’ mothers too?

Roadrunner

What a ridiculous statement.

Fact Checker

or about 220 times the number of residents that you represent Stewey.
Do you know of any other civic advocacy organization that has a larger support base?