Cobourg residents are encouraged to shop and do business downtown. The centre of downtown is King Street West but some stores have closed or are wanting to close and their buildings are up for sale – although there are also building owners selling with the tenants continuing. What does that mean? A CIP is available that provides grants for building improvements but the amounts are small compared to current ask prices. The program to “vitalize” the Downtown that started over 10 years ago seems to have died and judged by actions, this was a low priority in the previous council. On King Street West alone, I count 10 current listings of downtown properties, some for multiple buildings. There is negative talk that downtown Cobourg is not in good shape but at least the market for sales of buildings seems vibrant.
Notes:
Report is about buildings on King West, Division to Spring/Hibernia.
Although data is believed to be correct as of publish date, there may be errors!
“On Market since” and “price” are for current listing.
Listings on King Street West
South Side
7 & 9 King West – 2 commercial units and 2 apartments.
Occupied by: Dutch Oven and Farren Associates
Price: $1,399,900
On market since: June 2022. MLS Listing
41 – 47 King West – 4 buildings, each 3 floors. Approved For 9 Residential Apts. & 4 Commercial Storefronts.
Occupied by: 3 vacant units and one occupied by Adam Bureau’s “Buy and Sell”. No occupants in apartments.
Price: $2,500,000
On market since: 13 Feb 2023. Previously owned by Fung Louie who lives at Midtown restaurant across the road. He sold in March 2022. Now being sold by new owner. MLS Listing
79 King West # 6 – commercial Condo – aka85
Occupied by: Vacant
Price: $309,000 (previously listed at lower prices)
On market since: Nov 2022 MLS Listing
79 King West # 10 – commercial Condo – restaurant and gift boutique – business also for sale at $99K
Occupied by: Vacant – was King St. Kitchen and Bar
Price: $485,000
On market since: Nov 2022 MLS Listing
North Side
20 King West – 4 floors, renovated second floor apartment
Occupied by: Taste of Agra restaurant (closed) also for sale
Price: $1,400,000
On market since: April 2022 MLS Listing
38 King West – retail space plus 2 apartments
Occupied by: Mary J’s Cannabis (not for sale)
Price: $700,000
On market since: October 2022 MLS Listing
52 King West – 2 stores and Apartment
Occupied by: Brittany Bros and X-Ray & Ultrasound
Price: $1,500,000
On market since: 23 February 2023 MLS Listing
82 King West – 3 stories, 1 retail and 2 apartments
Occupied by: Rays Beauty Salon, one vacant residential unit
Price: $899,000
On market since: July 2022 MLS Listing
84 King West – 3 stories, 1 retail and 3 apartments or office space
Occupied by: David Sommerville – will rent back to new building owner
Price: $1,099,000
On market since: July 2022 MLS Listing
90 King West – 2 stories – 2nd floor storage or studio
Occupied by: Was Green Canoe Outfitters – now closed.
Price: $795,000
On market since: November 2022 MLS Listing
If some of these buildings were to be sold then renovated, the apartments above the stores would perhaps help the housing shortage.
Resources
Previous related articles on Cobourg News Blog
- CIP Update and Plan for 2019 – 8 March 2019
- Report on Downtown Vitalization to date – 11 February 2019
- Downtown Commercial Property Update – 11 March 2022
- CIP Grants and loans for 2019 announced – 20 September 2019 – no word of any downtown grants since this date.
Print Article:
Maybe the cost of parking downtown is leading to less people shopping!
Maybe, just maybe the illicit drugs, homelessness, inability to access bank atm s after hours, fear of being accosted. And Amazon
I suspect that when the town of Cobourg decided in 2021 that there would be no property tax break for vacant commercial properties landlords have now decided to sell.
Isn’t it better that landlords sell a property than leave it empty?
We need businesses, not to subsidize developers long term bets.
The units at 41 -47 King where just sold and closed last yr for 4$1.1 Million
Now listed at $2.5 Mil. Nothing done in the intrume other than a proposal
We can all dream but the reality is there are only so many square ft of rentable space ,
in which to achieve a return on investment from . High rents with out Elevators traveling the 3 floors of apts . Its unlikely there will be mature Tenants seeking space there or professional offices that may be required to have Handi Cap access for clients Not to mention the complete lack of Parking space , or Delivery access for any business if that area at the back is used as parking . Its going the way of the Old Plaza Hotel conversion . Not very well !
41-47 King West apartments are still thoroughly fire damaged aren’t they? So in addition to the 2.5M asking price, there’d be who knows how much expense in renovations to even bring them up to code.
The resulting apartments would definitely not help with the housing shortage given how much they’d demand in rent to try recouping the purchase price and quite possibly a few hundred thousand in gutting them and rebuilding from scratch.
Dan R,
The cost of renovations to the buildings are said to be $1,000,000 PLUS. With old buildings there are many unknowns. Any buyer will really need deep pockets.
Doesnt the Dutch Oven have new owner , Lalies Foods
https://lalies.ca/
Interesting how much is for sale. I wonder about the listing dates though as I believe some have been listed before. The Dutch Oven itself had been for sale for longer than the current listing date of June 2022. I believe 41-47 then owned by Fung Louie had a fire a few years in an upstairs unit and has been vacant since. King Street Kitchen and Bar struggled sine inception. Taste of Agra was another business that seemed fly by night. 52 King has been on the market before, the current listing date is February 2023?! Is Clark Somerville staying open? Sorry to lose the Green Canoe. Great customer service unlike some.
King St Kitchen didn’t struggle – all restaurants were shut down during cOvid protocols. They amazingly thrived and revamped and “pivoted” and the reason it’s on sale is the owner is growing! They are adding to their business portfolio and growing into another larger space. You shouldn’t make comments if you don’t have the facts or seethe business receipts : ) It was extremely popular and so will be the next restaurant in that space. They did well.
Green Canoe is a “time for a change” career choice situation after about 15 years of successful retailing in that location. Sommerville’s similar – people are allowed to cash in on their portfolio of holdings and/or retire eventually – doesn’t mean it’s a bad thing at all. It’s great to see property change hands and the momentum built downtown is fabulous. People speak without knowledge of the market. Many spaces have been filled in the past year or so also – about 15 I haven’t counted recently. So many people have little vision & see negatives because maybe they are not visionary or entrepreneurial – or just don’t have the info to make informed comments.
As for 41-47 the property is almost entirely gutted back to the studs after the fire and they have paid inspections of condition of building, paid for stamped architect drawings, applied and handled the intricate process for planning department and building approval. There are many investors considering this (maybe even some of them Commenting here? Attempt
to influence the valuation – whoever really knows when they are anonymous commenters?). I wish People would at the very least be honest and accurate on their comments. They have not done “nothing” to 41-47 and those buildings are likely to be eligible for the heritage commercial core district tax concession – they will be beautiful when renovated and I’m happy to be seeking the right investor to take this on for the sellers. Density and infill is part of the town mandate. I know someone mentioned rent prices will be high. Well that’s set by demand more than owners. And property prices and Rent districts can be higher costs – especially when close to the amenities and beach. Location is an influence on pricing. People demanding locations influence prices. That’s not a bad thing for investors. It may not provide low income housing but it can have benefits – if attracts a certain caliber of tenant that will likely frequent the shops and services with their disposable income. Think positive ! : )
No Economic Development survey or Consultants report is req’d for King St. Simply put– this is a rogues gallery of addresses where businesses go to die. If our Planning Department believes differently, I think taxpayers would love to hear the reasons and what specifically, they have in mind for a reversal in fortune. After all a Planning Department should have a Plan, no?..Is higher taxes a Plan?
Many other vacant buildings can be added to the list…Sidmore..Park Theatre?..etc…
You could start with free parking downtown. Your parking rates scare the hell out of tourists and locals alike.
You are absolutely right. Ask any if your friends if they come downtown to shop and support these merchants. The general response is the parking. I believe this council could spend more time on supporting local businesses and attracting than fighting over their increases they love the photo opportunities but that is it.