Commercial Properties Update – March 2019

Although there are concerns about some empty stores in Cobourg, there are other businesses that seem to be doing well.  But even if you are doing well, it may be time to retire or simply move on.  In addition, some businesses are tenants and the owners of their building want to sell. When businesses and buildings sell, it lets everyone know what the market thinks that these properties and businesses are worth.  Real Estate agents have to publish their offerings to connect with buyers yet they are also often coy about letting the public know because the business may not want clients to know they are thinking of moving out or maybe shutting down.  In many cases, there are two parts to a price – the value of the business and the value of the building; sometimes both are sold and sometimes only one part.

Woodlawn Inn
Woodlawn Inn

Here is a report on the Commercial Real Estate market with a focus on business properties that many will be familiar with.  The list includes the business name, the address, a phrase used in the listing, whether it’s the business and/or the building, the asking price and the agent with his web site/page.  This is not a complete list – e.g. empty stores for rent are not included.  Some of these properties have been on sale for a while; others are new listings.  The list is in descending price sequence.

Significant Commercial Properties for Sale

  • Woodlawn Inn  420 Division.  The Woodlawn Inn is a renowned boutique hotel and a preferred destination for those seeking fine dining and superlative guest accommodations.  Business and building. $2.55M  Agent: Tony Pulla
  • Meet at 66 King & Dairy Dream – Address 66 King East.  Can be tenant occupied or vacant  – implies with or without the business. $1.55M  Agent: Dalt Spicer
  • Millstone Bread  53-55 Albert St., Popular Bakery with large income and room for continued growth – business and building $1.25M  Agent: Michal Hasek
  • Harden & Huyse building  201 Division Street – one of Cobourg’s much admired landmarks  The building houses the Cobourg Loft, Craft Food House and more. Building only $1.15M  Agent: Tony Pulla
  • El Camino 74 King West  Excellent investment opportunity for the savvy real estate investor. Implication is for building only. $895K  Agent: Tony Pulla
  • Oasis 31 King East  Amazing Mixed use Income Property. Implication that owner wants to sell restaurant/bar business as well as building. $845K.  Agent: Johnny Percolides
  • Frank’s Pasta and Grill   426 King East.  Own One Of Cobourg’s Most Popular Establishments  $229K business and building, or business only $125K. Agent: Kelly Welton
  • Marca’s  #201 – 165 Division. Great Views of Lake Ontario –  Only Business and fixtures are for sale at $149K Agent: CHI Real Estate Group

Previous updates included one downtown property (land) that seems to be no longer for sale and certainly is not found in a Google search:  202 Second Street – 2018 Downtown Update

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Mark

Noticed that Let’s Eat at Williams and University has closed and Julie’s Place is going in
Not sure what it will be
Also what is happening at the old Hamilton Insurance building by the OPP station

Walter L. Luedtke

Sad to see so many restaurants which give Cobourg a unique ambiance are on the market.
They are all individually owned and have their own personalities.
But the cookie-cutter franchise eateries are all doing well, or so it seems.
There is no level playing field between the Oasis and Swiss Chalet or Eastside Mario’s.
Both of the latter are part of the 19 restaurant ‘brands’ of the Recipeunlimited corporation – sales of $3.41 billion last year.
“Our company franchises and/or operates some of the most iconic restaurant brands in Canada. We are a nationally recognized franchisor of choice with almost 1400 restaurants located in more than 300 communities across Canada, including 61 international locations.”
Rather than buying an existing restaurant, investors must be tempted to open another Montana’s, Kelseys, Harvey’s, or The Keg in Cobourg. All of those are also Recipeunlimited brands.
I am also worried about the future of the servers many of whom have been with some restaurants for years.
Best of luck for a successful sale of your venues and for continued employment for the servers under the new ownership.

Downtown resident

Thanks again John for doing all this research and providing such an excellent public/community service. It wld be a total vacuum of information without you.

Ben

I guess all of those people on this Board who are clamouring for more restaurants should ask themselves why these restaurants are for sale? Either they are so successful that the owners want to cash out or they see the writing on the wall. Take your pick.

Dubious

Some other eateries such as the Home Plate (beside the mall) and McDonalds and Tims appear to be thriving.

abby

Yes, Dubious, but those and many others are exactly what you said: eateries. They are not places to enjoy a real dining experience.