Cobourg Commercial Real Estate Update – March 2018

Cobourg has a dynamic Commercial Real Estate Market and the Town’s Economic Development Department publishes an update regularly (see link below). Their intent is to help prospective businesses find a suitable location in Cobourg although they no longer provide prices. My intent is to report on what’s happening in this field in Cobourg – that is, what’s news.   Therefore this report provides highlights (only) and adds prices where available. Some properties are of interest because they are Cobourg icons (like the Woodlawn) or already in the news (Tannery property) and others because they have been on the market for a long time.   The properties are grouped by “interest” categories: “Businesses for Sale”, “Still Available”, and “In the News”.

Businesses for Sale

  • Woodlawn. Some time ago, this was rumored to be for sale but this is the first official listing I’ve seen.  It’s not publically listed on Real Estate sites – Stephen Della Casa continues to manage the property and it’s being sold as an operating business.  No prices are available.  The Town’s listing says:
Woodlawn Inn
Woodlawn Inn

420 Division Street East for Sale: Own a piece of history with the Woodlawn Inn. This 20 suite, boutique hotel located in Cobourg has been a family owned and operated business since 1989. Pride of ownership is evident throughout this well-maintained facility. The property is accompanied by a fine dining restaurant which has a 125 person capacity and a great selection of wines.

Property also features a bar and lounge area. The inn is a popular setting for weddings in Northumberland county.

  • Jim’s Pizza business and building for Sale.  134 King Street West. Award winning and very successful business in operation for about 45 years.  Priced at $599,000.
  • A1 Taxis: Largest taxi company in Northumberland County. Price includes a prime 1.4 acre commercial property located at 401. Newly renovated building with an auto repair shop washing bay & dispatch room as well as 21 taxi licenses. Serving Cobourg and Port Hope, a fleet of 12 taxis. In 2016, price was $925,000 and $975,000 in 2017. No current public listings were found.  – Update – looks like it has sold – see comment below.

Still Available

These have been on the market for several years.

  • 1 King Street East for Lease: Currently used by owner TVM Group to sell units in the Legion Condo Development on Hibernia where work on the foundation has recently been started.  It is being marketed as being suitable for division into small units. No lease rates currently available but the asking rate in 2014 was $12.00/sq.ft.
2 King East
2 King East
  • 2 King Street East for Lease – called the Village Square Project and managed by MacDane Group, it has been offered for several years but has remained vacant. First proposed in 2014, the intent seems to be to custom build ground floor commercial units or upper floor residential condos to suit. No pricing is available. There seems to be no serious marketing of this property.
  • 202 Second Street for Sale: Known as the Quigley Lot – that’s because the last building here was the Quigley hardware store which closed late 2003 and was demolished shortly after. It’s currently leased from the owner for use as a Parking lot.  There are approved plans for 34 town homes on the site (more on this here).  In March 2017, the asking price was $2.5Million.  If the Victoria Square project were ever to be implemented, this land would be more attractive – but then we’d lose the valuable parking spaces. There are no currently available prices.

In the News

  • Northumberland Today premises. With the closing of the newspaper with assets transferred to Northumberland News owner MetroLand Media (Toronto Star), the former Northumberland Today building at 97B & 99 King Street West is available for lease – immediate occupancy.
  • Tannery land – 96 Alice Street for Sale: 7 acres of land for development. This is the former site of the Canada Blue Tannery Building which was demolished in 2007. The land is owned by the Town because of tax arrears but repeated attempts to ask for developers to take it over have failed – apparently because of concern over a possible contamination issue.  Many ideas for model environmentally sustainable communities have been proposed for the area (one example here). Town planners have said they will announce future plans for the property early 2018.  There have been no announcements so far but it looks like the property will be sold. However, planning control could be sufficient to ensure the overall plans are implemented.  Details of the “Vision” here.

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Sue

The Woodlawn used to be listed on Realtor.ca in the commercial section but it seems to be gone now. I wonder if it might have sold.

Gailr97

I can update the info on A1 taxi because we found out first hand. We were on a train from Montréal yesterday that was held at Gananoque because of the derailment of some cars of a freight train. We called A1 to pick us up and the new owner came. He moved here from Mississauga and bought the business six months ago.

Ben

And let me tell the world that A1 is not on our mailing list since a debacle involving the new owner and his failure to pick us up for a scheduled and thrice confirmed pickup to the airport in January.