Updated: Jan 1, 2021
Last month Brock University announced that it was closing its Hamilton location on 1842 King Street E. The university has been operating in the Hamilton area for over 30 years. The current facility can no longer meet the needs of the university and hence they are looking for a more modern building to facilitate their students. Brock want to expand their product offering and looking for a facility in the Hamilton, Burlington, and Oakville area. The university will continue its operations at King St in Hamilton until spring 2021.
So why is this information important for real estate investors?
First, we must consider how this will affect the local area. Brock university sits on 7 acres of land, so we must closely watch which developer purchases this land and what they plan to do with it in the future. A total of 7 acres in development can have a significant impact on the area - either good or bad. Will the developer choose to build luxurious homes? This could potentially increase the values of the real estate in the area. In contrast, the city might approve an amendment to the zoning that could warrant unwanted commercial space in the inner city. This could potentially lower the real estate value in the area.
Second, although the student population is quite small at this location, surely there must be some student housing. As the university moves to its new home, what will that due to the real estate in the area? We might see an increase in vacancies. We might even see some exchange in real estate as landlords look for better opportunities elsewhere or upgrade their assets to attract different tenant pool. What does that do to the overall value of the real estate in that area in the next 2, 3, and 5 years?
Finally, we must consider what the new proposed area will look like once Brock moves in. With the student population moving in, we will need to provide student housing, coffee shops, areas to study/play, etc. This could potentially uplift an area and provide opportunities to investors looking for student rental investments. Being first in the market has its advantages – that is for sure however lets also consider what Brock University considers competition. The university showed interest in 3 main areas – Oakville, Burlington, and Hamilton. If the university decides to move into a market that already has a strong student population base, then the student rental opportunity is more of an add on to what is already pre-existing. However, if Brock moves into a low saturated market – then the first to market can have a huge pay off.
It will be interesting to see how things unravel – stay tuned for more.
Tip: Focus on the inputs.
1) Keep a close eye on the listing firm’s website (e.g. Colliers, CBRE, JLL, etc.)
2) Consider following the development application from the city
3) Look out for any further announcements on the university page
4) Follow the city’s economic development announcements
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The information provided in this blog is for entertainment purposes only and is not intended to be a source of advice with respect to the material presented. The information contained in this blog do not represent legal or financial advice and should never be used without first consulting with a financial professional to determine what is in your best interest to meet your individual needs.
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