Subject Property

The Land Services Group was engaged by a consortium of high-profile developers in the disposition of over 400 acres of current and future development land in the municipality of East Gwillimbury. The offering consisted of multiple components but was essentially divided by their status as residential designated lands and white belt lands. With 3 packages in total, package 1 was comprised of over 120 acres of low density residential development land within the Sharon Settlement Area. Package 1, being the most valuable and sought-after package due to its existing land use designation, experienced heavy interest from a number of GTA developers. Packages 2 and 3, although longer term, benefited from their position in proximity to the existing urban boundaries of East Gwillimbury and was ideal future residential development land. One of the significant constraints for purchasers was the timing to servicing, which was conditional on the construction of a water reclamation plant that was projected by York Region to be completed by 2024 at the earliest.

Our Role

The property was divided into 3 packages, which were marketed collectively but available separately. The packages were brought to market using the Modified Tender Process with no asking price and the submission date was set 30 days after the marketing launch. We completed a full suite of marketing materials including direct hard copy mailings, electronic marketing blasts, extensive on-site signage, and media advertising. Additionally, in-person meetings and a targeted phone campaign ensured the most logical purchasers were fully aware of the offering.

Outcome

All 3 packages experienced immense interest, and submissions were received for the packages both individually, as well as combined. After 2 rounds of offer submissions, with strong offers from various purchasers, the property ultimately sold to DG Group, a company with an expansive portfolio of land holdings within East Gwillimbury. DG Group purchased all 3 packages leading to a market breaking sale as the largest commercial real estate transaction, in terms of both land area as well as dollar volume, in East Gwillimbury’s history. The land portfolio sold for a total consideration of $132.5 Million.