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58 King Street, Saint John, New Brunswick
Directly on the heals of Commercial Properties Limited announcing they were moving their offices from the 4th floor of 58 King to a much needed/expanded space at the Red Rose building, we are pleased to confirm that the space has been leased to Hatch. The space is 2,932 square feet (located above the radio station on King Street) and needed very little in the way of leasehold improvements to meet Hatch’s needs. The space has some exposed brick and an open ceiling offering a modern industrial feel while maintaining much of the heritage character of the building.
Hatch supplies engineering, project & construction, business consulting and operational services to the mining, metallurgical, energy and infrastructure industries. They are relocating their office from the Marr Road in Rothesay to the uptown core.
“We see Saint John as a growth market for us and this new location brings us closer to two of our major clients while also providing additional amenities for our staff such as nearby parks, coffee shops and eateries.” commented Lorne Flowers from Hatch.
Please join me in welcoming Hatch to Uptown Saint John.
Stephanie Turner represented the Landlord and Greg Brewster, Colliers represented the Tenant in the transaction.
130 Station Street, Saint John, New Brunswick
The Scotsburn Frozen Novelty plant on Station Street across from Harbour Station has a new owner. Commercial Properties Limited already owned the land on either side of the property so it’s no surprise that they had an interest. Paul Moore, VP of Commercial Properties explained “Commercial Properties Limited is a commercial real estate company with a desire to do new development. The ability to assemble substantially sized parcels of land is key to being ready to pursue opportunities when the timing is right.” A recent example of this is the new liquor store. Commercial Properties had acquired the parking lot at the corner of Wellington and Union in 2014 which meant they were well positioned to respond to the NB Liquor Corporation RFP.
Commercial Properties has been working on plans to demolish the Station Street building. “There’s a lot of concrete & rebar in there” said Erica Gorman, an engineer with Commercial Properties. “Taking the building down is not a simple exercise.” The building is slated for the wrecking ball in the near future.
Stephanie Turner was the listing agent.
Thanks to HUDDLE for also running with the story today.
Want to learn more about the NB Liquor project mentioned above? Watch a 4:37 minute video called Reimagining 10 Wellington Row
The Academy of Hair Design is currently in the process of closing the school at 200 Union Street in Uptown Saint John as the owner is retiring. Although attempts were made to sell the school in order to keep it open, no buyer was found.
Over the years their students worked on thousands of clients doing cuts, colours, perms etc. Hundreds, if not thousands, of people in our area will be looking for low-medium cost hair services in the uptown. This presents a huge opportunity for someone to purchase this building and re-open offering these services. The owner would also consider leasing the ground floor to a tenant for this purpose or for other uses.
There’s a parking lot at the rear of the building for clients and one across the street. There are also 12 parking spots for staff at the rear of the building. The building has air conditioning, as well as all the plumbing fixtures and the electrical that such a business would need. With a built in clientele, it would be a perfect spot for anyone wanting to offer low to medium cost hair services.
For more info on 200-206 Union Street click HERE
“How will we work, live, shop or do business? Perhaps no other investment sector is so closely tied to people’s most fundamental needs and behaviors; its evolution, to a large extent, follows ours.”
Predictions include:”Most shopping malls will be extinct.” & “The much-reported death of the suburbs will prove to be greatly exaggerated.” Read all 7 predictions here (These are U.S. centric but interesting nonetheless.)
This question comes up fairly frequently in my business. The big push for leasing is the flexibility which it offers a company. Buying is a long term investment.A company would not likely see any financial savings in the first 10 years and who knows what the company’s needs will look like 10 years from now. Other factors to consider…
Owning your own office space PROS
- Gives you tax deductions (because of property taxes and mortgage interest)
- Gives you the freedom to do what you want with the space. You don’t have to worry about a landlord, or breaking anyone’s rules (except the law, of course).
- You’re responsible for all the costs needed to run an office space, including, but not limited to electricity, water, sewage, trash, janitorial, internet service, phone services and more.
- The upfront costs can also be huge because of the down payment, any renovations that must be done, and other maintenance.
- Once you sign the contract, you own the building “lock, stock and barrel” which means if your company experiences a large growth spurt (or an unfortunate downsizing) you may find yourself with not enough or too much space on your hands.
- Flexibility is a big pro in favour of leasing office space. You can often renegotiate for more space if you grow, or simply move to a new building when your lease is up.
- There’s also a smaller up front cost associated with leasing office space. You sign your lease and you pay a set price per month.
- Leasing can save a lot of time and headaches. By leasing your office space, you can focus on running your business and let the landlord worry about the details of the actual building itself.
- Profile. You may be able to afford to lease in a very high profile area, while buying in such an area may be out of your price range.