Cobourg Commercial Properties – May 2020

Although houses and commercial properties are being  bought and sold, the number of buyers and sellers has dropped and certainly in the case of commercial Properties, the number of listings has dropped.  My source of information is MLS listings for Cobourg – previously there was also a listing by the Town’s Economic Development department but that is currently off-line.  Looking at the list below, there are few surprises.  The Woodlawn is still on the market, the Dutch Oven is still listed although if you ask Lauren she says it’s not for sale. New ones are Hannah’s at five corners (King and William), the A1 Taxi property on Densmore and Dimitri’s restaurant on William. And of course the Cannabis operation is still selling their building and land.

It’s likely that there are other commercial properties for sale that are not listed on MLS but here is what is currently listed there.

Commercial Properties for Sale

Price Address Description
$19,900,000 520 William St FSD Pharma Building and Land – more here
$8,500,000 Densmore Road Vacant land 6.27 Acres on Densmore Road adjacent to Extendicare.  Includes development approval for 112 residential units
$2,550,000 420 Division Street Woodlawn – Land, Building & All Chattels and Fixtures.
$2,500,000 164 Division Street Luxury home plus Ice Cream Business
$1,750,000 240 King St W Hannah’s Used Car Property
$1,250,000 23-29 King Street W Building Housing Brocanier’s and Others
$1,150,000  201 Division St Building housing Craft Food House and The Cobourg Loft
$975,000 7 & 9 King Street W Dutch Oven Building, Business and Apartment
$889,000 79 King Street W #8 Royal Spa – Building and Business c/w Condo Residence
$49,000 79 Aka 89 King Street W #8 The Royal Spa – Business Only
$695,000 125 Densmore Rd A1 Taxi property – without a licence they are moving
$590,000 41 – 47 King St W See note
$450,000 409 Division Street  Building – Office Ground Floor; Apartment 2nd Floor. Was Reg Wards Insurance but that business has moved to 247 Division St.
$449,000 609 William St Dimitri’s – Business Only
$230,000 866 Ontario Street  Vacant Lot
$160,000 500 Division St. Chinese Take Out Business – No Frills Plaza
$149,900  95 King St W Matterhorn Restaurant – Business Only, Owner Wants to Retire

Note: The listing for 41 to 47 King St West is not clear. There seem to be 3 listings for the one building housing the Buy and Sell Business plus two closed stores.  It’s believed to be owned by Fung Louie who also owns and lives at the closed Mid Town Restaurant. Apart from the Buy and Sell location, the other two stores look like they are in poor condition.  Given the long time on the market, it would appear that the property is overpriced.

Many properties house businesses that have shut down or have a limited operation during this virus crisis so their value would be reduced and therefore hard to sell.

For a report on the latest prices of residential housing see this page.

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31 Comments
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DEAN
8 May 2020 9:47 am

the plaza which houses sines flooring and bingo sold a few months ago.
there was a listing for 5.5 million around jan some time.
the vacant lot on the entrance off elgin was not included in the sale.

castle lumber on elgin has sold. my understanding is the owner of the rent all centre bought it.

Rob
Reply to  DEAN
8 May 2020 10:38 am

Does anyone know who owns the Elgin Street lot across from The Mill – It was the Ito family (Spoolon) … talk about a great investment property.

Mark
Reply to  Rob
8 May 2020 12:13 pm

A couple years ago , there was a sign about building a office building

JimT
Reply to  Mark
8 May 2020 6:30 pm

I always assumed that was part of the cemetery, set aside for future use.

Wally Keeler
Reply to  JimT
9 May 2020 1:22 am

northwest corner, not southeast corner.

Observer
7 May 2020 6:32 pm

I no longer believe in fairies and sugar plum trees. Before COVID-19 the downtown struggled even with the influx of affluent people buying into the new real estate projects who didn’t shop there apparently. Like to believe it would all recover – all I see is more cheap imported goods that are not manufactured here in Ontario which has been in trouble long before COVID-19. With a reduced taxpayer base the town an county can only increase property taxes as will the Federal Government to re-coop their 250 billion so far given out. Sorry for the bad prognosis folks but that is what is written on the wall. How many of you will be shopping at places that are not dollar type stores? I bet not very many – hasn’t been todate – Walmart has thrived.

perplexed
Reply to  Observer
7 May 2020 11:21 pm

How can that be surly you jest ! there where articles put out 10 yrs ago by the then Cobourg Star inquiring as to Why Cobourg’s Taxes were so high nearly 35 to 40 % higher than some of the areas and towns it was compared to .. I don’t believe the Town ever provided a response
but I still have a copy of the Article and those Taxes have never stopped climbing .
So one begs to ask again How much did the Town and the County give away / incentives / loose
to the Largest Canadian Marijuana Plant .any Ideas ???

Observer
Reply to  perplexed
8 May 2020 11:27 am

Hello perplexed – are you talking to me? Reported in the Toronto Sun today the City of Toronto states it is costing them 65 Million a week for various Covid-19 measures. It also states it has cost them 1.5 Billion in lost revenue so far. The article states they and other cities are asking the Feds and Province for bail out money. Haven’t seen the figures for here but assume they also have loss figures for revenue. Already there have been 250 Billion in bail outs by the Feds. No I do not jest. Property tax and personal income tax – money has to come from somewhere perplexed for continued bail outs and re-coop what has been given. That is what I see.

Merry Mary
Reply to  Observer
8 May 2020 7:07 am

You can return to believing in fairies and sugar plum trees, Observer. I know many people, myself included, who are new by 16 years and not affluent, who refuse to shop anywhere else but downtown, if downtown is being measured by stores south of the Rail Lines.

JimT
7 May 2020 6:11 pm

“…the building housing Dimitri’s on William.”

“$449,000 609 William St Dimitri’s – Business Only”

So, which is it: the business or the building housing it that is for sale?

John Draper
Admin
Reply to  JimT
7 May 2020 6:46 pm

Like it says: “Business only” – why is that not clear?

Observer
Reply to  John Draper
7 May 2020 6:54 pm

Because it states – “building housing Dimitri’s in the paragraph above and in the chart it says Dimitris – business only. I was confused when I read the two descriptions too. Is the building only or is the business only???

ben
Reply to  JimT
9 May 2020 10:21 am

Heckuver a lot for a resto business! Good luck if he can get it, but that place has housed a few that never made it or quit!

Paradise lost....
7 May 2020 4:20 pm

I agree with Observer + Jennifer’s recent posts. We have a population that is over-weighted to government wages/benefits or pensioners. There is very little ‘risk capital’ here, even for commercial property development because the time-tested math just doesn’t work. The best way to get a million$ in Cobourg is to start with $2 million…..etc…So–if an investor can’t make money on a commercial property, how is any venture capitalist or entrepreneur going to make money on a business?
Having the highest paid and largest segment of our population are organized civil servants is a symptom of economic decay just as homelessness and related challenges…..
I will close by pointing out that we have seen other countries in centuries of decay like Ireland get hundreds of years of religious conflict and political turmoil solved when they collectively changed policy: joined the EU; changed gov’t; established a comprehensive tax policy etc…
It’s amazing how a little bit of prosperity solved alot of the other issues…..
Can our elected officials create a change in environment that can attract–instead of scaring away–risk capital?

Observer
7 May 2020 11:59 am

Ridiculous housing prices, ridiculous rents, businesses that paid reasonably closed as imports from cheap labour countries, high taxes, unions for government jobs – used to be a trade off – job security for a middle of the road salary, it is taxpayer funded – what is left over for people to spend? There are many people struggling to get by – that is why minimum wage businesses thrive. High taxes with the cost of doing government business thanks to the union wages which reflect to the CEOs and management that thrive there also.

Jennifer
7 May 2020 10:26 am

This town needs jobs. Not just seasonal and tourist related income. Real jobs for real people. The Main Street is an eyesore of empty businesses and the few that do exist are incredibly expensive. Clearly they must be to pay the taxes to remain open. A shakeup needs to happen here. Sure Cobourg is a retiree town but there are also vital active growing young families. Where will they work? A minimum wage factory job? Think bigger. Make this town alive with more than retirees, homeless and drug addicted hoody-wearing young and not so young people wandering the streets after dark. Downtown is dead. I live here, have for eleven years. Once this pandemic passes use the kindness I hope everyone found again and help set up all of those empty buildings with sustainable and needed businesses like day care and dog kenneling and affordable clothing and hairdressers and dry cleaners or alteration shops. Maybe a Tim Hortons downtown. Less boutique and more realistic affordable options. How sad to see overpriced empty buildings with nothing to offer anyone locally. Grow this town from within instead of bringing people in from outside. It’s frustrating to watch tourism being touted when year… Read more »

Informed
Reply to  Jennifer
7 May 2020 2:02 pm

Close off section of downtown for summer months. Pedestrain traffic only. Patios…music and outdoor events. Bring the people and other business will follow

Observer
Reply to  Informed
7 May 2020 2:26 pm

Feature recession type prices – entertainment at level people can then afford, the 30s did things like that but usually in neighbourhoods – street dances, with booths and corn on the cob with butter. Admission 10 or 15 cents.

JimT
Reply to  Observer
7 May 2020 6:40 pm

People seemed to be content. ♫ ♪ ♫
Fifty dollars paid the rent.
Freaks were in a circus tent.
Those were the days ♪ ♫ ♪ ♫

Hair was short and skirts were long. ♫ ♪ ♫
Kate Smith really sold a song.
Don’t know where it all went wrong
Those Were the Days ♪ ♫ ♪ ♫
—— Lee Adams and Charles Strouse

No doubt it was fun while it lasted, but there’s no going back to the innocent “good old days”. Depression-era prices mean farmers lose money and go out of business. Neighbours now cocoon in their homes and watch electronic media.
[sigh…]

Observer
Reply to  JimT
7 May 2020 7:03 pm

You didn’t include the line Jim – “Didn’t need a welfare state – everyone pulled his weight, those were the days. Yes Jim but modern technology – see Northumberland News article on Farmers and Produce and the new Depression/Recession era marketing. On-line available to people that are snuggled down in their homes cocooning! The produce could be purchased and sold at a downtown event. Used to love the farmers’ wagons of recent years displaying larger then stores cauliflower and broccolli etc. Hope it is brighter than the handwriting appears.
https://www.northumberlandnews.com/

Rob
Reply to  Observer
8 May 2020 2:46 pm

I like the idea and certainly love the enthusiasm – all food would need to be donated and anyone working would have to be unpaid volunteers for 1930’s pricing….of course that is once we are allow to creep within 6 feet of one another. But I do agree with Jennifer and others, downtown Cobourg really needs to reinvent itself bc the current model is struggling. Broc and Reno have great clothes. The Market was a great addition. The LCBO needs a facelift but will always be relevant. A few nice little restaurants – George and Orange, The El, the Patty Place, Sushi, Indian food, etc… Port Hope seems to have figured things out somewhat….I suspect their demographic is different. I still can’t believe with a waterfront like ours, I can’t sit and have a glass of wine/cold beer while taking in the sites, unless I own a RV or camper. Cobourgians are v fickle. Operating a restaurant in this town is very difficult – there is a long list of restaurateurs who have tried and failed – that list will likely be getting longer.

Mark
Reply to  Rob
8 May 2020 3:00 pm

Running a restaurant in any town is very difficult
Actually running any business is difficult

Rob
Reply to  Mark
8 May 2020 3:22 pm

Mark – this is true. Usually ~3-4 years before you’re making any money. I considered getting involved myself not long ago but walked away. Cobourg is a unique animal and I would suggest, in part, because of its older demographic.

Eastender
Reply to  Jennifer
7 May 2020 6:30 pm

Only 31% of Cobourgers are over the age of 65,
so Cobourg is not a ‘retirement’ community.

perplexed
Reply to  Eastender
7 May 2020 10:59 pm

Try Northumberland a lot more

Kevin
Reply to  Eastender
8 May 2020 9:46 am

From the Statscan website about 17% of Canadians are over 65. What per cent would qualify as a ‘retirement’ community?

perplexed
Reply to  Jennifer
7 May 2020 11:07 pm

Dead On the POINT but when you have councils like we have been getting
the Former pay cheque mentality of many of them kicks in They have no idea
how to make this happen or what it takes to be a successful self employed person today
And not one of the so called expert study groups they retain are ever around to see things through You know the dream

Elaine
Reply to  Jennifer
8 May 2020 8:27 am

Jennifer, you should be on Council.

perplexed
7 May 2020 6:23 am

STARTING OVER again not returning to the Norm many of these Business you have shown have been on the market for several years before the Pandemic now Recession ‘ and for what ever reason they did not sell before usually Appraised for less , Financing , List price to high or not enough income to justify the asking prices and the new uncertainty of self employment ???? no matter how hard you are prepared to work . This shut down has shown us it Doesn’t Matter ! Things will certainly have to change as Business has been lost ,2020 Tourist industry Clients and Patrons will be cautious and slow to return These business will have to rebuild their inventory and client lists, now that we the public have all become accustomed to the benefits, convenience and safety of on line shopping . This Pandemic now recession is unlike any other we have experienced Its affecting all facets of life as we knew it , all age groups , and most bushiness and industry with the exception of Health Care , related products and Govt. jobs , Incomes and savings are being changed out for Loans and lines of Credit Debt… Read more »

Observer
Reply to  perplexed
7 May 2020 12:53 pm

perplexed – exactly – debt is accumulating. Taxes will come like you’ve never seen before. What will the government unions do then? Many municipal governments have already raided their contingency funds – where or where will they get the money now to support their wages as businesses struggle to recover and the majority of citizens hit hard with increased taxes? Looks gloomy!