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Seaton Lands Portfolio

Key Information

Client

Seaton Lands Portfolio


Location

Pickering, ON

Topline

Transacted over 400 acres of development land in the future Seaton Community.

Date

January 2016

Type

Residential/Employment

Size

424.7 AC

Sold for

$162,800,000

Subject Property


This offering was made up of more than 1,200 acres of development land including 308 acres of residential land, 834 acres of employment land, and 56 acres for community uses. The properties were extremely well-located in proximity to the Highway 407 East extension, Highway 401, and the potential future Pickering Airport site. The vendor, Infrastructure Ontario (“IO”), had been taking these lands through the planning process for several decades with work that included negotiating a cost sharing agreement and applying for draft plan approval. This assignment was very high profile and highly publicized, which required a degree of sensitivity during the marketing process.

Our Role


CBRE Land Services Group was awarded the mandate to run the marketing and transaction process for this large tract of development land. The purchasers of these properties would be taking on IO’s role in a complex cost-sharing agreement that included hundreds of landowners in eastern York Region and across Durham Region. It was essential that the listing team had a thorough understanding of the purchaser’s obligations and the timing to servicing that resulted from this agreement. CBRE reviewed the agreement and engaged IO’s consultant for several meetings to ensure we understood the contents of the agreement and any implications with regards to the cost, and timing of development. We developed a marketing strategy and detailed all pertinent information in a Confidential Information Memorandum. The lands were divided into a number of different packages made up of solely residential lands, solely employments lands, and packages that contained a combination of the both.

Outcome


We received a number of bids and engaged in lengthy negotiations with a national homebuilder for the purchase of all of the residential lands and a limited portion of the employment lands. Two of the packages were successfully sold. Approximately 397.4 acres of what was identified as future residential development lands were sold for a total consideration of $160 Million to Mattamy Homes, TACC Construction, Fieldgate Homes and Paradise Development. A smaller parcel of approximately 28 acres was sold for $2.8 Million to the City of Pickering for the development of a business park known as the Pickering Innovation Centre.

 

Seaton Lands Portfolio

Contact

Mike Czestochowski
Mike Czestochowski*
Executive Vice President, Land Services Group
Advisory & Transaction
*Broker
+1 416 495 6257
Lauren White
Lauren White*
Senior Vice President, Land Services Group
Advisory & Transaction
*Sales Representative
+1 416 495 6223