Urbane mid-rise condo coming to Sudbury

by Neil Sharma on 17 Feb 2021

For a few years now, investment properties in Toronto haven’t carried themselves, requiring investors to absorb annual losses with the promise of big equity payouts a few years down the line.

While that isn’t necessarily a bad strategy—virtually no Canadian market, save for Vancouver, offers the long-term appreciation that Toronto does—there are other residential investment vehicles that cash flow positively for investors to think about. Condoville Realty Inc., a sales team that doubles as strategic partners in real estate developments, works in secondary and tertiary markets and specializes in infill sites that have the potential to house small multi-family or boutique mid-rise residences.

Condoville is currently working with a landowner to develop The Brewer Lofts in Sudbury, a five-storey, 50-unit mid-rise building that blends new and old—the historic building, which is 116 years old, will have 12,000 sq ft of interior and exterior entertainment space—that’s among the few active developments in the city. According to Shaminder Gogna, Condoville’s broker of record and founding president, Sudbury is an ideal locale for investors yearning for the days when their properties cash flowed positively, and noted that the city’s fundamentals are ripe for new residential development.

“The opportunity for investors is they can purchase a condo in the $200,000-300,000 range and feel confident that they’ll always have a renter in their unit because there’s a lack of new supply of mid- to high-rises in Sudbury, and there are fundamental economic drivers, such Cambrian College and Laurentian University, and a huge mining industry,” said Gogna.

The Brewer Lofts is also a short jaunt from downtown Sudbury, which will naturally enhance its consumer appeal to empty nesters—there’s no shortage of multi-millionaires in Sudbury, thanks to the city’s robust mining industry, many of whom are snowbirds who prefer returning to turnkey homes in the city—young professionals, students, and more, largely because units range in size from 500 to 2,000 sq ft. Moreover, and curiously, despite the city’s consistently strong market fundamentals, it isn’t awash in new development. Quite the opposite, actually.

As a result, The Brewer Lofts appeals to end-users as much as it does to real estate investors, says Gogna.

“There isn’t a lot of new inventory out there. The majority of resale inventory on the market is dated in Sudbury, and because there isn’t a lot of new high-density residential development in the city, you might wait a while for something new to come to market,” he said. “It’s very different from Toronto, where if you miss out on a development, another one nearby is on its way. That’s not the case in Sudbury.”

The city’s healthy mining industry ensures a steady influx of skilled workers, like engineers, who will surely appreciate The Brewer Lofts’ exposed brick walls, 11’ ceilings, and en suite beer taps. They might even opt for the rarer 20’, two-storey loft units.

In many ways, with Canada’s big-city exodus well underway, it was only a matter of time before an urban development like The Brewer Lofts was developed in one of the country’s smaller regional cities.

“There will be a heritage portion and a modern portion to The Brewer Lofts, with a glass tower on top of a 116-year-old brewery,” said Gogna. “We’re mixing in the modern with the traditional and there’s huge potential because of the lack of new inventory for a condominium in the area.”

To find out more about The Brewer Lofts, click here.

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